Estimate forecasts Lieberman-Warner bill being debated in the Senate would cost $4 trillion to $6 trillion over 40 years.
By Jeff Poor
Business & Media Institute
11/13/2007 1:36:53 PM
Imagine what you could do with an extra $400 or $500 a year – save for retirement, fill your gasoline tank several extra times or buy a plane ticket for vacation. Now multiply that amount by every member in your immediate family. It could add up to a lot of extra money.
But not so fast. A bill introduced in the Senate by Sens. Joe Lieberman (I-Conn.) and John Warner (R-Va.) would require companies to scale back greenhouse-gas emissions to 2005 levels by 2012 and 1990 levels by 2020 – and that bill would come with a hefty price tag.
One analysis of that bill by CRA International, an international business consulting firm, predicts the Lieberman-Warner bill could cost $4 trillion to $6 trillion over the next 40 years, according to an editorial in the November 11 Washington Times.
If that bill were passed and made law, the tax would cost every man, woman and child – more than 303 million Americans – $494 a year, a significant burden on the U.S. economy.
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