On June 26, a 1,427-page climate change bill introduced by
Representatives Henry Waxman (D-CA) and Edward Markey (D-MA)
passed the House by a narrow margin. The bill, also known as
Waxman-Markey, includes a number of alarming provisions, chief
among them a cap-and-trade program that would attempt to curb
global warming by imposing strict upper limits on the emission
of six greenhouse gases, with the primary emphasis on carbon
dioxide (CO2). The mechanism for capping these emissions
requires emitters to acquire federally created permits (or
"allowances") for each ton of greenhouse gas emitted. Because
these allowances carry a price-and because 85 percent of the
United States' energy needs come from carbon-emitting fossil
fuels-Waxman-Markey is best described as a significant tax on
energy use. Since everything Americans use and produce requires
energy, the tax hits U.S. pocketbooks again and again. The
Heritage Foundation's Center for Data Analysis forecasts severe
consequences, including skyrocketing energy c