White House Admits Cap-And-Trade Tax Costs Triple Their Official Estimate

I’ve already explained here on the Forum how the cap-and-trade energy tax works, and would be the biggest tax increase in the history of the country. Now, amazingly, the White House is telling something closer to the truth about this tax hike, admitting that the official budget estimate of $646 billion over 8 years—already a mighty steep price to pay—is far, far lower than the real cost.

The deputy director of the White House National Economic Council, Jason Furman, is giving us a glimpse at the real number, telling Senate staff the energy tax scheme would actually raise “two-to-three times” the budget’s official $646 billion revenue estimate. Dow Jones reports that 5 people at the meeting confirmed the statement—we can be pretty sure he said it.

It make sense, because the budget estimate was only half the official score from the Congressional Budget Office for last year’s Lieberman-Warner bill, even though the Obama version is designed to have much steeper costs because it requires steeper emissions cuts.

If Furman is right that the real tax hike would be two or three times the official budget estimate—and it’s likely still a lowball—that would mean the actual tax hike would run well into the trillions, roughly between $1.3 trillion and $1.9 trillion between fiscal years 2012 and 2019 by Furman’s own estimate.

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