Cap-And-Tax Will Cap Our Growth And Trade Our Jobs

Floor Speech

Mr. FLEMING. Mr. Speaker, the crazy cap-and-tax idea advanced by my liberal colleagues would create $640 billion in new taxes on American businesses and raise electrical bills by $3,100 per household per year. This cap-and-tax proposal creates an artificial market to find revenue to pay for various social programs that this administration plans to enact, such as government takeover of our health care. This boondoggle will cap our growth and trade our jobs. Companies looking to invest in our economy will simply move overseas to escape this enormous tax increase.

You don't believe me? Look in the crystal ball at Spain, which has been on this plan for 10 years. After losing a number of companies, seeing utility prices skyrocket and suffering a 17.5 percent unemployment rate, we can see our future clearly. Even worse, experts tell us that cap-and-tax will do nothing to cap greenhouse gases, but it will put the United States at a global economic disadvantage because China and India will ignore this scheme. In fact, it will also serve as an economic stimulus for all developing countries which will be happy to accept our jobs.

Why not use common sense for a change and develop true renewable resources as well as nuclear power, which has a zero carbon footprint?

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