President Obama’s global warming plan would cost America’s poorest families billions annually, according to a report published Thursday by the Manhattan Institute.
The study estimates that Obama’s global warming plan would increase the costs of living for the poorest American families an additional $19 billion per year, equivalent to increasing their taxes by 166 percent. The tax increase would also raise taxes on other poor families by an extra $25 billion, equal to a 33 percent tax increase. Living costs for the richest households would only increase by 4 percent.
Obama wants to implement the Enviromental Protection Agency’s Clean Power Plan, which would effectively tax four-fifths of American carbon dioxide (CO2) emissions and be similar in scope to an economy-wide carbon tax. In addition, Obama has proposed a $10.25-per-barrel oil tax.
Neither plan would have a large impact on global warming. Data modeling created by the EPA and run by the libertarian Cato Institute shows that the Clean Power Plan would only have adverted 0.019° Celsius of warming by the year 2100, an amount so small it couldn’t be detected.