Bonham – Americans will be effectively face a 15 percent tax hike if the cap-and-trade provision of the current energy policy in Congress becomes law, Fannin County Farm Bureau President Jerry Magness said.

“U.S. citizens will pay up to $200 billion annually, or approximately $1,700 per household,” said Magness, explaining the analysis by the U.S. Treasury Department.  “It would be like a 15 percent hike in personal income taxes for every American household.”

The bill, which narrowly passed by the House this summer, would impose enormous costs on the agricultural community. Farm Bureau has longed maintained that competing nations like India and China may not adopt similar programs, thus depending on the U.S. for the saving of energy. With little plans to provide alternate energy programs, energy costs will not get any lower. 

“We believe this plan will fail to greatly impact the environment because it isn’t promoting similar countries to do the same,” Magness said.  “If we want to lower greenhouse gas emissions, it is going to take much more than the U.S.”