Kerry-Lieberman Cap and Trade Bill: What You Should Know
Ok, full disclosure: I didn't know about this bill before today. I mean, don't get me wrong, I knew about cap and trade. I just wasn't aware of the details of this particular bill. But when former YAL staffer Jeff Hubbard sent me this information for the YAL blog, I pretty quickly determined that it was important to both know and share. Here are the key findings of a recent study on the Kerry-Leirberman Cap and Trade bill, known as the American Power Act:
- The American Power Act would reduce U.S. employment by roughly 522,000 jobs in 2015, rising to over 5.1 million jobs by 2050.
- Households would face a gross annual burden of $125.9 billion per year or $1,042 per household, with costs disproportionately borne by low-income households.
- On a net basis, the top income quintile will benefit financially, redistributing to these households roughly $12.3 billion per year from the bottom 80 percent of earners.
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