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The Obama administration issued proposed rules on Tuesday that impose the first nationwide limits on greenhouse gas emissions from vehicles and that require American cars and light truck fleet to meet a fuel efficiency standard of 35.5 miles a gallon by 2016.
I know that both the Japanese and Korean Auto Manufacturers are both already in compliance of these proposed rules
The Obama administration has privately concluded that a cap and trade law would cost American taxpayers up to $200 billion a year, the equivalent of hiking personal income taxes by about 15 percent.
A previously unreleased analysis prepared by the U.S. Department of Treasury says the total in new taxes would be between $100 billion to $200 billion a year. At the administration's estimate, the cost per American household would be an extra $1,761 a year.
A second memorandum, which was prepared for Obama's transition team after the November election, says this about climate change policies: "Economic costs will likely be on the order of 1 percent of GDP, making them equal in scale to all existing environmental regulation."