Carbon Tax
Exxon Mobil CEO (and Donald Trump’s Secretary of State) Rex Tillerson advocated a carbon tax in 2009.
He cites several advanatages over regulations and cap & trade.
This video by Dan Miller also makes the case for a revenue-neutral carbon tax.
It also explores the psychological barriers against taking action to slow and stop climate change. Psychologically, human react to threats with (1) clear visibility, (2) historical precedent, (3) immediateness, (4) direct personal impacts, (5) simple causality, and (6) causation by clear enemy. In contrast, the climate change threat is (1) mostly invisible, (2) unprecedented, (3) drawn out over decades, (4) impact more our children and greandchildren, (5) compex in causes, and (6) caused by all of us.
He says denial of climate change is all too easy. We think it is only a distant environmental problem, one that’s impolite to discuss. We wait for someone else to act. We prefer rassuring lies to the inconvenient truth.
**************************
In 2010, India enacted a carbon tax of 50 Rupees per metric ton on coal mined and imported. That translated to 80¢ per ton, or $2.97 per ton of CO2. India's carbon tax is a good bit lower than British Columbia's, which started at $10 per tonne of CO2 in 2008 and rose gradually to $30 in 2012. Canadian CO2 offsets are selling for $20-45 per tonne. India's carbon tax is also far below Australia's short-lived carbon tax of $23 per tonne of CO2, but similar to Japan's carbon tax of ¥289 (US $2.88) per tonne of carbon ($9.58/ton of CO2). South Africa plans a carbon tax of R120 ($13) per tonne of CO2. In 2014, Mexico enacted a carbon tax ($3 / tonne of CO2), while Chile’s $5 / tonne of CO2 tax was enacted in September.
Compared to prices in cap-and-trade markets, India's carbon tax is a little higher than American RGGI's price ($1.86-4.00, see above), but a bit less than recent European Union's ETS prices ($4-7, also above). India's price is far below EU CO2 prices for 2008-11 ($10-35, above) and recent California CO2 prices ($10.09 per ton in November 2012 and $12.22 in August 2013). India's carbon tax is also much lower than the initial 130 RMB price ($21.37) per tonne of CO2 in China's Shenzhen market. Norway’s carbon tax (since 1992), now $72 / ton ($20 / ton of CO2), applies to offshore oil and gas. Sweden’s is about twice that, but exceptions (e.g., electricity sector) and exemptions in both countries are the rule.
Carbon Prices: US $ / Tonne of CO2
Some cap & trade prices are in the top group. They've fluctuated a lot.
China's / ton CO2 prices began at US$4.90 in Shanghai, $8.21 in Beijing, $10 in Guangdong, and $4.61 in Tianjin. Shenzhen prices fell to $12 in November. RGGI's price rose to $4 in the March 2014 auction.
Carbon taxes are in the bottom group. Australia, under Tony Abbott, repealed its carbon tax in July 2014. What some call a cap & trade system may replace it.
2020-2024 Articles
Denmark to Tax Emissions from Farmers, in Pioneering Move 0624 - $43 / ton of CO2 equivalent
Africa Calls for a Global Tax on Carbon Emissions 0923
Shipping Emissions Could Be Halved without Damaging Trade 0623 Giant kites, slower speeds, non-petroleum fuels. Tax is talked about by shipping companies.
This Is How a Carbon Tax Comes Back 0323 in the U.S.A.
WTO Chief Calls for Global Carbon Pricing 0123
World’s 1st Carbon Border Tax Lands in Europe 1222
IMF Chief Says $75 / Ton Carbon Price Needed by 2030 - 1122
American Petroleum Institute Weighs Clean Fuel Standard after Backing Carbon Tax 1022
Time to Charge the True Cost of Fossil Fuels 0922
The Climate Law's Methane Catch 0822
Carbon Pricing Needs ‘Radical Redesign,’ Says Asset Owner Group 0622
The Right Way to Help People Hurting from High Energy Prices 0422 - carbon tax and dividend, from Bloomberg News
Canada’s Biggest Emitters Are Paying the Lowest Carbon Tax Rate 0122
Global Carbon Price Could Be ‘Game Changer,’ Bank of England Official Says 0122
Russia Aims to Make a Carbon Tax System That EU Will Recognize 1221
Germany’s New Coalition Promises Climate Revolution & CO2 Floor Price 1121
Click for more
Carbon Pricing, if Missing the 100% Dividend, Will Boost Inequality 1121
White House-Backed Carbon Tax in Sight for Biden’s Climate Bill 1121
Democrats Weigh Carbon Tax after Manchin Rejects Key Climate Provision 1021
Austria Announces Carbon Tax, Offset by Reduction in Other Taxes 1021
Methane Crackdown Could Threaten U.S. Driller Profits, Citi Says 0921 - $1,680 / ton of CH4 proposal in Congress
Democrats Consider Adding Carbon Tax to Budget Bill 0921
Carbon Tax Is Key to Address Climate, Dividend Gets Congress to Support It 0921
Industry Group Backs Global Carbon Price for Large Ships 0921
Former Republican FERC Chairman Joins Group Promoting Carbon Tax 0821 - from Mitch McConnell’s(KY) staff
Democrats Want to Tax Big Polluters, but Is It Enough? 0821
How the EU's Carbon Border Tax Will Work 0821
Israel to Impose Carbon Tax, Starting with Fossil Fuels 0821
Democrats Propose a Border Tax Based on Nations’ Greenhouse Gas Emissions 0721
2 Cheers for Carbon Tariffs 0721
The E.U. Is Getting Serious about Climate. Can the U.S. Follow Suit? 0721 - E.U. plans to raise the price to at least $71 per ton of CO2.
Nuts, Bolts & Pitfalls of Carbon Pricing - Equity-Based Primer on Paying to Pollute 0721 for NAACP - “Carbon pricing and trading systems are not very effective or equitable measures for curbing carbon emissions…. International shell games…. the worst environmental offenders co-opt the language of environmental advocates, in order to protect their bottom line, neutralize climate legislation, and preserve the status quo."
Austria Debates Carbon Tax to Ease Climate Anxiety 0721
Pacific Islands Make Lonely Case for Carbon Price on Shipping 0621
Climate Conundrum - Tax on Emissions Is Pragmatic but Unpopular 0621
Swiss Narrowly Reject Tax Hike to Fight Climate Change 0621
Climate Obstacles Facing Biden at the G-7 - 0621
Biden Should Impose a Carbon Fee Immediately 0621
Citizens’ Climate Lobby Testimony to Senate Finance Committee 0421
US Oil and Gas Industry Says It Will Support Carbon Pricing 0321
Canada Supreme Court Rules Federal Carbon Tax Is Constitutional 0321
Carbon Tax Sidelined in Biden’s Push on Climate, Taxes 0321
Carbon Tax Is Less Costly than Other Ways to Cut Electricity CO2 Emissions 0321
American Petroleum Institute Expected to Endorse Carbon Pricing 0321 - take 1
Top Oil and Gas Lobbying Group Close to Backing a Carbon Tax 0321 - take 2
National Academies Endorse Carbon Pricing 0321
Climate Game Changers - International Cooperation 0221 - In the game, the referee determines the lowest pledge from all players, then requires each player to pay exactly that amount – the amount of the lowest pledge. This makes the game impossible to lose.
Climate Scientist Jim Hansen Tells UK’s Boris Johnson to Tax Carbon 0221
Our Approach to Climate Change - the Chamber of Commerce’s Position 0121
How to Better Tackle Climate Change - John Kerry 1120
Carbon Pricing & The Energy Transition 1120
FERC Takes ‘Landmark Action' on Carbon Pricing 1020
Both Parties Used to Love the Carbon Tax. So Why Are They Giving Up on It? 0920
Business Roundtable Endorses Market-Based Climate Policy 0920 - a "market-based mechanism”, includes cap & trade
Wall Street Watchdog Calls for Carbon Pricing, Better Prep for Climate Change 0920
Behavioral Contagion Could Spread the Benefits of a Carbon Tax 0820
A Simpler, More Useful Way to Tax Carbon 0820 - Set price by politics, redo every few years. Social Cost of Carbon is too difficult, too contentious, too uncertain.
Carbon Tax Border Adjustments - Good Politics, Bad for Consumers? 0720
Denmark to Introduce Green Taxes on Carbon Emissions 0620
New England Power Generators Pushing for a Carbon Tax 0620
The Climate Club - How to Fix a Failing Global Effort 0420 - by William Nordhaus, Nobel Prize winner in Economics for his work on climate change economics
The Fastest Way to Cut CO2 Emissions Is Fee and Dividend, Top Leaders Say 0220
The Winning Conservative Climate Solution 0120 - carbon fee & dividend
Carbon Fee & Dividend - a Socially and Environmentally Just Way to Fight Climate Change 0920
by Jim Hansen. Dividend makes lower income households come out ahead.
2015-2019 Articles
Why Fee and Dividend Cuts Emissions Faster than Other Carbon Pricing Policies 1119 - by Jim Hansen & Dan Miller
How to Cut U.S. Carbon Pollution by Nearly 40% in 10 Years 1119 Carbon Fee & Dividend, starting at $15 / tonne of CO2 ($55 / tonne of carbon), rising $10 / tonne CO2 per year. Proceeds are returned to each adult with a social security number, with half share to 1st 2 children in a household. Collected at wellhead, mine mouth or port of entry. Rebate (to US companies) or tariff (on imports) where other country’s tax is not the same rate.
World Needs a Massive Carbon Tax in Just 10 Years, IMF Says 1019
Climate Town Hall - Several Democratic Candidates Embrace a Carbon Tax 0919
Florida GOP Rep Seeks Carbon Tax to Reduce Pollution 0719
Watch Out, Big Oil. Jay Inslee Proposes a Greenhouse Gas Fee 0619
Alberta Makes It Official - Bill Passed and Proclaimed to Kill Carbon Tax 0619
Environment Minister McKenna Blasts Provincial Tories for Scrapping Carbon Tax 0519
South African Carbon Tax Finally Becomes Law 0519
CEOs of Major Companies Call on U.S. Congress to Set a Price on Carbon 0519
Top GOP Pollster Finds Overwhelming Support for Carbon Tax by Millennial Republicans 0519
Corporate America Is Terrified of the Green New Deal 0519
U.S. House Tax Panel Mulls Carbon Fee at 1st Climate Hearing in 12 Years 0519
U.S. Fossil Fuel Subsidies Exceed Pentagon Spending 0519
Why Some Climate Activists Are Cooling on a Carbon Tax 0519
Democrats Should Embrace a Carbon Tax 0519
Microsoft Joins Climate Leadership Council 0519
Canada’s Federal Carbon Tax Starts in 4 Provinces 0319
Climate Change Politics May Defy Even the Most Rational Arguments 0319 - Canada
Trump's Top Economic Adviser Still Supports Carbon Tax 0319
On the World Stage, Canadian Oil Majors Promote a Carbon Tax 0319
How Carbon Tax Plans Compare and Why Oil Giants Support One of Them 0319
Want a Green New Deal? Here’s a Better One. - Washington Post Editorial 0219
South African Parliament Approves Long-Delayed Carbon Tax Bill 0219
How to Win Public Support for a Global Carbon Tax 0119 - results of 5-nation survey
The Top US Economists – Fed Chairs, Nobel Winners, etc. - Call for Carbon Tax 0119
Ex-GOP Rep. Ryan Costello Joins Group Pushing Carbon Tax 0119
Bipartisan Bill Taxes CO2 and Gives the Money Back to You 1118 - 5 sponsors in the US House. Up to 10 (3 GOP) by the time Senators Flake and Coons introduce an almost identical bill in the Senate in December.
Ballot Measures Aimed at Climate Change, Fossil Fuels Fall Short 1118
Big Oil Outspends Billionaires in Washington State Carbon Tax Fight 1018
Best Way to Fight Climate Change? Put an Honest Price on Carbon 1018 - New York Times editorial
Ottawa to Return 90% of Carbon Tax Money to Canadians Who Pay It 1018
Taxing Carbon May Sound like a Good Idea, but Does It Work? 1018
In an Era of Climate Urgency, We Need a Carbon Tax 1018 - Boston Globe editorial
Climate Change Is Getting So Real, Investors Are Converting to a Carbon Price 1018
ExxonMobil Gives $1 Million to Promote a Carbon Tax-and-Dividend Plan 1018
Charge €30 a Tonne for CO2 to Avoid Catastrophic 4°C Warming 1018
Yellen Touts Carbon Tax as ‘Textbook Solution’ to Climate Change 0918
Oil Giant BP Met with Greens for 3 Years on Climate Policy 0918
Carbon Pricing - Correcting Climate Change's Market Failure 0818 - lengthy piece, with expected emission cuts as a result
GOP Lawmaker Proposes Carbon Tax 0718
A Carbon Tax That Could Put Money in Your Pocket 0718 - Chicago Tribune editorial
Declare Energy Independence with Carbon Dividends 0718 - Citizens Climate Lobby
Ontario PM Ford Scraps Carbon Tax Plan, Sets Up Climate Fight with Trudeau 0718
Washington Voters Likely to Take Up Carbon Fee Initiative 0718
Janet Yellen Calls for US Carbon Tax to Curb Climate Change 0618
Another GOP Group Wants to Tax Carbon. Does It Matter? 0618
Here’s How to Break the Impasse on Climate 0618
Here's How One Group Pitches a Carbon Tax to the GOP 0618
Massachusetts Senate Votes to Put a Price on Carbon, with National Grid Support 0618 - It goes to the House now. It punts choice of tax or cap & trade to Governor. Goal is -40% (1990 base) by 2030 and -80% by 2050. Carbon price starts for transport, business, and residential in consecutive years. State’s largest utility strongly supports it, plans electrification of transport and home heating (heat pumps), continued decarbonization of electricity, etc.
New York Grid Operator Floats Carbon Pricing Proposal 0518
Utah’s Climate Resolution & Bipartisan Carbon Pricing Bill 0318
Thank Colleges for Imminent Carbon Taxes 0318
Trump's Trade War Could Prompt Future Tariffs on U.S. CO2 - 0318
Associated Industries of Massachusetts Supports Carbon Pricing 0318
College Republicans Are Here to Fix Climate Change! 0218
Washington Carbon Tax Clears Hurdle, Heads for State Senate Vote 0218
Singapore to Impose Carbon Tax from 2019 - 0218
Carbon Pricing Could Save Millions of Hectares of Tropical Forest 0218
Vermont Lawmakers Forge Ahead with Carbon Tax Plan 0218
9 States Buck Trump Administration, Move toward Price on Carbon Pollution 0118
Can Gov. Inslee Deliver America's 1st Carbon Tax? 0118
In Texas, Conservatives Tout Carbon Tax, but Draw Critics on Both Left and Right 1217
China's Top Climate Official Rules Out Carbon Futures, Tax 1117
Americans Want a Tax on Carbon Pollution, but How to Get One? 1017 - How to use tax proceeds? Favorites are
support solar & wind; infrastructure; help displaced coal miners; reduce debt. #5 is cut other taxes. CCL discussion
British Columbia Will Increase Its Carbon Tax 0917
Americans May Finally Be Ready to Look at a Carbon Tax 0917
Proper Carbon Tax Could Wipe Billions from Polluters' Profits 0917
Some Democrats See Tax Overhaul as a Path to Taxing Carbon 0817
Exxon Mobil Lends Its Support to a Carbon Tax Proposal 0617
Sky-High Carbon Tax Needed to Avoid Climate Catastrophe, Say Expertsm 0517
Massachusetts Carbon Fee Would Save $2.9 Billion in Health Costs over 20 Years 0417
Use Carbon Tax to Help Fight Climate Change 0417 Chicago Sun-Times editorial
Guess Who’s for a Carbon Tax Now - Big Oil CEOs 0417
How Countries Cut Carbon by Putting a Price on It 0417
Vermont House Democrats Reintroduce Carbon Pollution Fee, with Fresh Messaging 0417
Will Washington State Be 1st in Taxing Greenhouse Gases? 0417
A Roadmap for Rapid Decarbonization 0317 - broad & detailed blueprint, mostly technological, by decade, of how to go carbon neutral (net-zero emissions) by 2050 and carbon-negative afterward. Policy instruments - carbon tax, cap & trade, regulations are also mentioned. Science journal
The Conservatives Who Are Switching Sides on Warming 0317
Carbon Tax Floated as Possible Replacement to Inslee's 'Clean Air Rule' 0317
China Floats Carbon Tax, in Split from EU’s Carbon Cap & Trade 0317
Singapore Carbon Tax Would Hit Refiners, Help Renewables 0217
A Serious Republican Idea on Climate Change – USA Today editorial 0217
Republican Statesmen Propose Replacing Clean Power Plan with a Carbon Tax 0217 - commentary on prospects for passage of the proposal below. Other authors include 25-year Wal-Mart chairman and a 3rd Treasury Secretary
A Conservative Answer to Climate Change 0217 - Sec’s of State & Treasury George Schultz and James Baker in Wall St Journal
A Conservative Case for Climate Action 0217 - Martin Feldstein, Greg Mankiw (2 Republican chairmen of Council of Economic Advisers), Ted Halstead in NY Times
Alberta's New Carbon Tax Is All about the 'Long Game', Says Deputy Premier 0117
Tillerson Led Exxon’s Shift on Climate Change; Some Say ‘It Was All P.R.’ 1216
Carbon Tax Could Boost Green Energy in Bangladesh 1216
Canada Will Impose Nationwide Carbon Price 0916
Americans Appear Willing to Pay for a Carbon Tax Policy 0916 - weighted average of $0 to $50+ per month
US Needs ‘Price on Pollution’ to Spur Clean Energy - National Academy 0916
There’s a Still Better Approach to CO2 Emissions - a Carbon Tax 0816 - Washington Post editorial
India Doubled Its Coal Tax to $6 a Ton. Coal India Wants the Tax on Petro Coke Too. 0816
Elon Musk’s Libertarian Case for a Carbon Tax 0816
To Tax or Not to Tax—That Is the Question 0716
Why Exxon Mobil Is Now Lobbying for a Carbon Tax 0616
Why Won't Clinton Support a Carbon Tax? Fear of Trump. 0616
House Backs Symbolic Measures to Oppose Oil Fee, Carbon Tax 0616
Supporters Laud 'Momentum' for Carbon Tax, despite House Vote 0616
Alberta Enacts Carbon Tax, in 1st Stage of Climate-Change Plan 0616
Say Yes to a Carbon Tax - Richmond VA Editorial 0416
Carbon Pricing Becomes a Cause for the World Bank and I.M.F. 0416
France to Set Unilateral Floor Price for Carbon Emissions 0416
Raise the Carbon Tax, B.C. Businesses Say 0316
A Climate Skeptic Calls for a Carbon Tax 0316 - Tax carbon, cut payroll tax, thus stimulate hiring.
Liberals Won't Rule Out a National Carbon Price, Catherine McKenna Says 0316
BP CEO Urges Global Carbon Price to Meet Paris Climate Change Goals 0216
Washington Lawmakers Consider Putting a Price on Carbon 0216
Tax High Carbon Food, Sugar for Climate and Health Gains 0216
UK-Wide £20 a Tonne Carbon Tax Would Have ‘Little Impact' on Consumers 0116
The Narrow Path to a Carbon Tax 1215 - US, revenue neutral, some corporate income tax reduction
Paris Climate Accord Is a Big, Big Deal (2.8¢/kWh Wind & 4.2 Solar) 1215
For Big Business Seeking CO2 Emissions Price, a Ray of Hope from Paris 1215
Obama Says Carbon Price Is Better than Regulations 1215 But Congress wouldn’t pass one during his terms.
Alberta Doubles Down on Renewable Energy, Plans Carbon Tax in 2017 - 1115 - CN$20 / Ton CO2 in 2017, $30 in 2018
US Carbon Tax Effects Analysis by Income Level - RFF 1115 - PDF, 25 pp. Of ways to return (100%) of carbon tax to taxpayers, cutting corporate income tax is best for GNP, individual income tax cut worst. But individual (equal) income tax rebates do best for low (& even middle) income, while cutting corporate taxes benefits only the rich, while harming poor.
These Could Be the 1st US States to Tax Carbon & Give Residents a Paycheck 1115
Massachusetts Mulls an Economy-Wide Price on Carbon 1015
Governments to Raise $22 Billion from Carbon Pricing in 2015 - 1015
Climate Change Deal Will Not Include Global Carbon Price 1015
ITF Calls for Global Rules for Ship Operators to Cut Emissions 1015
Oil CEOs Differ on Carbon Strategy, Highlighting Industry Divide 1015
The Key Role of Conservatives in Taxing Carbon 0915 - Greg Mankiw was economic adviser to Mitt Romney in 2012.
Concord Monitor in New Hampshire - It’s Time for a Tax on Carbon 0815
GOP Needs Alternative Climate Policy 0815
Coal Renaissance Means Switching to Plan B - Carbon Pricing and CO2 Removal 0715
Energy Taxes Are Misaligned with Environmental Impacts of Energy Use 0615 - Gasoline taxes loom large.
Alberta to Boost Carbon Price, Ahead of Climate Policy Revamp 0615
In Stunning Reversal, ‘Big Oil’ Asks for World Carbon Price 0615
Shadow carbon prices ($/ton of CO2 equivalent) by big oil companies in 2013 included $40 at BP and Shell, $60-80 (in 2030 & 2040) at ExxonMobil, $34 at France’s Total, and $6-45 at ConocoPhillips. I don’t know the numbers for Chevron, Italy's Eni, Norway’s Statoil, or Britain's BG Group.
Carbon Pricing Letter from Oil Giants 0615
Hillary Would Charge New Fees for Fossil Fuel Extraction 0615 - royalties increase? or carbon tax?
Oil Industry Pushes for Carbon Tax in Alberta 0515
Former BP Boss, Tony Hayward, Calls for an End to Fossil Fuel Subsidies 0515
The Conservative Case for Taxing Carbon Pollution 0515
Yale to impose Carbon Tax on Itself, Led by the Man Who Helped Invent It 0415
US Support for Carbon Tax Reaches Almost 70% - 0415
Climate Group Launches Initiative for a Carbon Tax in Washington State 0415
Price on Carbon Is Key to Canada Tackling Global Warming, Say Researchers 0415
Doubled Top-Up Carbon Tax Will Trigger UK Coal Slowdown 0415
A Reagan Approach to Climate Change 0315
Low CO2 Emissions Tax Possible if Clean Technology Is Also Implemented 0215
Seize the Day - Tax Carbon, End Fossil Fuel Subsidies (Opinion) 0115
Australia’s Power Sector Emissions Jump as Carbon Tax Ends 0115
US Economists' Statement on Carbon Dividends
Jan. 16, 2019
Global climate change is a serious problem calling for immediate national action. Guided by sound economic principles, we are united in the following policy recommendations.
I. A carbon tax offers the most cost-effective lever to reduce carbon emissions at the scale and speed that is necessary. By correcting a well-known market failure, a carbon tax will send a powerful price signal that harnesses the invisible hand of the marketplace to steer economic actors towards a low-carbon future.
II. A carbon tax should increase every year until emissions reductions goals are met and be revenue neutral to avoid debates over the size of government. A consistently rising carbon price will encourage technological innovation and large-scale infrastructure development. It will also accelerate the diffusion of carbon-efficient goods and services.
III. A sufficiently robust and gradually rising carbon tax will replace the need for various carbon regulations that are less efficient. Substituting a price signal for cumbersome regulations will promote economic growth and provide the regulatory certainty companies need for long-term investment in clean-energy alternatives.
IV. To prevent carbon leakage and to protect U.S. competitiveness, a border carbon adjustment system should be established. This system would enhance the competitiveness of American firms that are more energy-efficient than their global competitors. It would also create an incentive for other nations to adopt similar carbon pricing.
V. To maximize the fairness and political viability of a rising carbon tax, all the revenue should be returned directly to U.S. citizens through equal lump-sum rebates. The majority of American families, including the most vulnerable, will benefit financially by receiving more in “carbon dividends” than they pay in increased energy prices.
***
George Akerlof, Robert Aumann, Angus Deaton, Peter Diamond, Robert Engle, Eugene Fama, Lars Peter Hansen, Oliver Hart, Bengt Holmström, Daniel Kahneman, Finn Kydland, Robert Lucas, Eric Maskin, Daniel McFadden, Robert Merton, Roger Myerson, Edmund Phelps, Alvin Roth, Thomas Sargent, Myron Scholes, Amartya Sen, William Sharpe, Robert Schiller, Christopher Sims, Robert Solow, Michael Spence and Richard Thaler are recipients of the Nobel Memorial Prize in Economic Sciences.
Paul Volcker is a former Federal Reserve chairman.
Martin Baily, Michael Boskin, Martin Feldstein, Jason Furman, Austan Goolsbee, Glenn Hubbard, Alan Krueger, Edward Lazear, N. Gregory Mankiw, Christina Romer, Harvey Rosen and Laura Tyson are former chairmen of the president’s Council of Economic Advisers.
Ben Bernanke, Alan Greenspan and Janet Yellen have chaired both the Fed and the Council of Economic Advisers.
George Shultz and Lawrence Summers are former Treasury secretaries.
32 economists (4 Nobel Prize winners), US Cabinet Secretaries, Federal Reserve Bank Vice-Governors, etc. Excerpt is below:
"We endorse these 4 principles for taxing carbon to fight climate change without undermining economic prosperity:
1. Carbon emissions should be taxed across fossil fuels in proportion to carbon content, with the tax imposed “upstream” in the distribution chain.
2. Carbon taxes should start low, so individuals and institutions have time to adjust, but then rise substantially and briskly, on a pre-set trajectory that imparts stable expectations to investors, consumers and governments.
3. Some carbon tax revenue should be used to offset unfair burdens to lower-income households.
4. Subsidies that reward extraction and use of carbon-intensive energy sources should be eliminated."
2014 Articles and earlier
Study of MA Carbon Tax & Rebate - MA DOER / Breslow 1214 - PDF, 156 pp
Australia Greenhouse Gas Emissions Fall to Record Low, Due to Carbon Tax 1214
When Will Vermonters Buy a Carbon Tax? It's Complicated 1214
Carbon Tax Could Bolster Green Energy 1114
Global CO2 Pricing Scheme Surfaces Ahead of 2015 Climate Summit 1014
Carbon Tax & Nuclear Power - Hansen 1014 - PDF
Chile Becomes 1st South American Country to Tax Carbon 0914
Tax Carbon Emissions or Trade Them? Economists Dig into the Problem 0914
How to Stop Tax Inversions With a Carbon Levy. Seriously 0814
Australia Votes to Repeal Carbon Tax 0714
Australian Senate Delays Carbon Tax Repeal 0714
Revenue-Neutral Carbon Tax Would Improve on EPA Regulations 0614
How to Sell a Carbon Tax - Bloomberg 0614
British Columbia''s Carbon Tax Works 0314
Voluntary Carbon Tax Witness 0314
CBO - Carbon Tax Chops $1 Trillion from Deficit 1113
Opinion - Taxing Tar Sands, Chasing Goliath - Hansen 1013
Abbott's Plans to Remove Australia's Carbon Price to Cost More than $6 Billion 0913
Conservatives Make the Argument for a Carbon Tax 0813
Sky Didn't Fall after British Columbia Began Carbon Tax, Cut Income Tax 0713
Australia to Scrap Carbon Tax, in Favor of Trading Scheme 0713
Economist Solution to Climate Change - Carbon Tax 0613
Australia Carbon Price Working 0513
US Carbon Price Backed by Independent Office 0513
Carbon Tax Economic Analysis, Exec Sum - NERA 0213 - PDF, for National Association of Manufactuers
House GOP Leaders Oppose Carbon Tax 1112
Carbon Tax Seen Viable with Exxon's Backing 1112
Carbon Tax for US Gets 2nd Look 1112
Australia Introduces Carbon Tax 0712
Economic Analysis of US Carbon Fee & Dividend - REMI 0614 - PDF, 126 pp - sponsored by Citizens Climate Lobby.
With a carbon tax (100% returned to taxpayers in equal amounts, & with a border adjustment), US CO2 emissions decline from 5.1 GT/year in 2015 to 2.6 GT/year in 2035. The tax starts at $10 / metric ton of CO2 in 2016 and rises $10 / T annually thereafter, to 2035.
The number of jobs increases ~1% by 2025, compared to the baseline of no carbon tax. Only the West South Central states suffer. Job gains are largest in Health Care; Finance & Insurance; Retail; and Real Estate. Only Mining and Manufacturing (oil & chemicals) suffer. GNP rises ~0.25%.
The tax saves 10,000 lives a year (mostly from air pollution) by 2021 and 14,000 / year by 2031.
Annual electric energy after 25 years is 6% (250 TWh) less than in the base case. Coal (1,500 now) gets phased out, mostly by 2025. Wind energy use grows 750, nuclear 700, solar 200, and geothermal 100, but gas falls 500.
A Citizens Climate Lobby summary video, one summary of the case for a carbon tax.
CCL sponsored the 2014 REMI US carbon tax study, summarized above, plus the July 2013 Massachusetts carbon tax study, summarized below. CCL has more than 200 chapters, coverring more than 380 Congressional districts in 48 states. CCL works to get a carbon tax (fee) enacted, with 100% of the revenues returned directly to households.
Tax/ton of Carbon equates to $4, $8, and $12 / ton of CO2
The benefit of a carbon tax is highest for a $45/ton tax: ~ $70 per year per capita. In all cases considered, a higher carbon tax yields greater economic benefits to its citizens. Higher tax rates could yield even higher benefits per person. A carbon tax would add 1 job, net, for every 300 jobs now in the state.
Details: Massachusetts Jobs Change by Industry, for $30 / Ton CO2 Tax
Change in MA Consumer Price Index, due to Carbon Tax
Changed Massachusetts MA CO2 Emissions, from Carbon Tax
The % emission effects of the 3 carbon tax rates are modest.
Price Changes for Carbon-Based Fuels, in Massachusetts, due to a Carbon Tax
Section Map: Government & Carbon Pricing