Waaaaay too long for me to excerpt here, Stephen Spruiell and Kevin Williamson give 50 reasons to oppose Waxman-Markey at National Review Online. It basically boils down to:
Waxman-Markey will create a lot of jobs for Wall Street sharps, Big Business rent-seekers, ACORN hucksters, utility-company lobbyists, grant-writers at left-wing organizations, college administrators, light-bulb-policing bureaucrats, and an army of parasitic hangers-on.
And it will transfer money from you to liberals' favorite groups (those that vote for or support them financially).
Read the whole thing, if you can stomach it.
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