Withlacoochee River Electric's April newsletter focused on the federal budget's line item for Cap and Trade carbon credit trading system. The implementation of this carbon tax for the federal government is projected to raise $645.7 billion in new taxes for the Obama administration. The Wall Street Journal has a revised figure for this Cap and Trade system, saying this tax has the potential to collect $1.3 to $1.9 trillion in new taxes between 2012 and 2019.
Electric companies nationwide will pass these taxes on to the consumers on our monthly power bills which are estimated to cost the average consumer approximately $1,200 more per year. Businesses will also be required to pay these costs which will ultimately be paid by the consumers.
Carbon credits will most likely be traded on the the stock exchange where speculators will have a field day driving up the prices, much like they drove up the cost of oil last year. If cap and trade legislation is allowed to pass, electric power for the majority of consumers will become a luxury item.
Withlacoochee River Electric requested their cooperative members to contact their senators and members of Congress by visiting www.ourfloridaenergy.com
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