Treasury: Cap-and-trade costs taxpayers $200 billion annually

From the Washington Times:

Officials at the Treasury Department think cap-and-trade legislation would cost taxpayers hundreds of billion in taxes, according to internal documents circulated within the agency and provided to The Washington Times…

A memo prepared by Judson Jaffe, who works in the Treasury’s Office of Environment and Energy, referenced President Obama’s remarks on energy policy in his State of the Union Address and said, given the president’s plan to auction emissions allowances, “a cap-and-trade program could generate federal receipts on the order of $100 to $200 billion annually.”

These figures differ from other cost estimates for the legislation produced more recently by the Environmental Protection Agency and the Department of Energy.

“These are candid, internal discussions of what they are telling each other and what they won’t tell you,” said Christopher C. Horner, a CEI senior fellow who filed the request.

Kudos to Horner.