The proposed Waxman-Markey cap-and-trade legislation is more tax grab than carbon-dioxide reducer By Martin Feldstein T he cap-and-trade legislation supported by the Obama administration is a stealth strategy for a massive long-term tax increase. It is a large tax on all American households, and the tax burden rises in future years without any need for further legislation. It will evolve into an enormous new source of tax revenue for the government. A cap-and-trade system is