Amongst the several revenue-raising proposals in President Obama’s $3.9-trillion budget proposal is a carbon tax that will impact all American families. His budget aims to raise $646 billion through a cap-and-trade tax on energy. Last year, Peter Orszag, who was then Director of the Congressional Budget Office and is now President Obama’s Director for the Office of Management and Budget, testified before the House Ways and Means Committee on a similar proposal. Speaking about a cap-and-trade proposal to cut carbon emissions by 15%, he said it would cost the average household about $1,300 a year through higher energy costs. He...
