The cap and trade scheme has a net economic loss of slightly less than 20 billion dollar. That's less than a thousandth of the US economy. The only problem is that it's not nearly large enough.
Where conservatives say that it's "equivalent to a 15% tax raise" is where they lose credibility. If you take the entire scheme at face value - and completely and totally ignore the fact that 90% of it is refunded back to consumers - you get 200 billion dollars. A 15% flat income tax is equivalent to current SS taxes, and that raises A TRILLION dollars.
How the hell did they come up with the 15% tax figure? Logically, it would be a 3% tax raise, with 90% of that being refunded to consumers, so about a 0.3% tax would make more sense. A 0.3% is too much to ask for to save your children? God you are some insane fuckers.