Yoram Bauman and Shi-Ling Hsu:
ON Sunday, the best climate policy in the world got even better: British Columbia’s carbon tax — a tax on the carbon content of all fossil fuels burned in the province — increased from $25 to $30 per metric ton of carbon dioxide, making it more expensive to pollute.
This was good news not only for the environment but for nearly everyone who pays taxes in British Columbia, because the carbon tax is used to reduce taxes for individuals and businesses. Thanks to this tax swap, British Columbia has lowered its corporate income tax rate to 10 percent from 12 percent, a rate that is among the lowest in the Group of 8 wealthy nations. Personal income taxes for people earning less than $119,000 per year are now the lowest in Canada, and there are targeted rebates for low-income and rural households. ...
The United States should jump at the chance to adopt a similar revenue-neutral tax swap. It’s an opportunity to reduce existing taxes, clean up the environment and increase personal freedom and energy security.
Let’s start with the economics. ...
From a recent article on jobs in British Columbia(B.C. sees job growth, lower unemployment in June):
Statistics Canada released new figures Friday showing B.C.'s unemployment rate slid to 6.6 per cent in June from 7.4 per cent in May.
Jobs Minister Pat Bell credits the employment boost to growth in the forestry, mining and energy sectors.