First, it is highly unlikely that cap and trade is going to pass. Secondly, if it does pass, it will just be one more expensive failed government program, of which there have been many.
Cap and trade would not be a good thing, don't get me wrong, it would be a giant waste of money, but it isn't a worldwide plan to enslave mankind. That's just hype and exaggeration.
Who said our actions were "destroying the planet"?
Some parts of Earth may become more livable than they are now. That AGW is an impending disaster, that it will bring about the end of civilization and so on, is just hype and exaggeration from the other side.
What we should do is to study the phenomenon, see if there is anything we can do to mitigate it, and learn to live with it.
Whether you believe in the A in AGW or not, the fact is, the climate of the Earth is changing. We are going to have to adapt. Even if humans are accelerating the changes, we're not going to be able to stop it, and no one is going to be willing to have a Chinese style government running our lives, or go back to the pre industrial age.
This issue has no lack of hype and fear mongering on both sides. Reason and common sense seems not to be a part of the discussion on either side.