If Cap and Trade passed, in my state it wouldn't just be taxes going up. My heating bill would skyrocket. Goods and services everywhere would go up as businesses have no choice but to pass on their own increased costs to consumers. Even our own governor said it smacks of "imperialism". Also to be considered, the bill would impose enormous taxes and restrictions on free commerce by wealthy but faltering "blue states" such as California, Massachusetts and New York, seeking to exploit politically weaker states in order to prop up their own decaying economies and pay for their lofty new social programs.
The Waxman-Markey legislation would more than double electricity bills in my state of Indiana, erasing years of reform. In recent years, Indiana has been a leader in capturing international investments, repatriating dollars spent on foreign oil and goods and providing jobs. We've been hit hard by the economy in general. Add in a bill designed to reverse that flow and I'd have to agree with Mr. Daniels statement, "Closed- Gone to China" would be on the doors of many shops and factories.
But it's not just taxes, it's also the cost of taking care of the many large, older family homes that those of us in the "farm belt" have bought. The range is such a place. The bit of land it sits on tends to itself financially but the cost of heating a big old place with 20 foot ceilings, even with new windows. . . ouch. $350 a month now to heat it when it's minus 8 out. Try doubling that. I had planned to "downsize", less house, more land, when I got past 50 but if I wait until after C and T and have to make this thing energy efficient to sell it, I will lose money. I've already lost $55,000 of the equity I had in it in housing crash #1. I'm not excited about losing more in crash #2 in the homeowners market that would like follow Cap and Trade.