Heritage Foundation Releases Economic Study of Waxman-Markey Cap and Trade Bill
Nicolas Loris /
The idea behind cap and trade is to reduce carbon dioxide emissions by putting a price on the right to emit carbon and other greenhouse gases on businesses. Since 85 percent of America’s energy needs are met through carbon-emitting fossil fuels, cap and trade would be a massive tax on energy consumption if enacted.
The debate will move to the Senate this fall. Here’s what to expect if the Senate passes their own version of Waxman-Markey and President Obama signs cap and trade into law.
By 2035: