The centerpiece of Mr. Clinton's first budget was a tax on energy use, as measured in British thermal units, or BTUs. At that time, McGraw-Hill 's MHP -0.87% Data Resources Incorporated estimated that the so-called BTU tax would raise more than $30 billion in federal revenue annually ($50 billion in today's dollars). That translated into $500 in additional taxes per family, or $800 today. No segment of the economy would have been exempt from the tax, which the Competitive Enterprise Institute estimated would cost 700,000 American jobs over three years.
Thursday, December 20, 2012
Source URL: http://cei.org/citations/william-okeefe-will-carbon-tax-make-comeback