By Porter Stansberry in The S&A Digest:

On top of this disastrous fiscal policy [of huge government deficits], the Democrats seem determined to push through a so-called "cap and trade" plan to tax carbon emissions...

What most people don't realize about this plan is it's actually the largest tax increase in American history. Says Democratic Sen. Ben Cardin, "It's the most significant revenue-gathering proposal of all time." Current estimates show a cap and trade regime will add $500 billion to $1 trillion to the government's annual revenues - an amount equal to roughly 50%-100% of all the income taxes collected each year!

Taxing electricity at these rates, plus mandating that 25% of all electricity come from "alternative sources," (which doesn't include nuclear power), plus regulating all home appliances, plus making it against the law to trade in incandescent light bulbs... It's insanity. These new taxes and regulations will destroy our economy. I'd bet less than 10 senators understand the incredibly important role electricity plays in our economy: There's a perfect correlation between electricity production and economic growth. Watching the government bankrupt itself with unprecedented new debts, while at the same time shooting our economy in the face with a huge new tax on electricity, should scare the crap out of every American.

And these fears ought to apply equally to Democrats or Republicans. If you were trying to devise a political plan to destroy the country, this is the route you'd take: make it harder than ever before to produce anything, devalue the currency, and raise taxes by 50%.

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