The Congressional Budget Office (CBO) noted Wednesday that a carbon tax could generate “significant” revenues for the United States and avert “catastrophic” effects of climate change.
CBO said in a new report that there are many uncertainties about how to design and implement a carbon tax, but waiting too long to curb greenhouse gas emissions would have clear results. ...
A carbon tax, while politically divisive, has continued to surface as an option for raising revenues as Congress dives into discussions about overhauling the federal tax code.
Last month, a Senate Finance Committee report suggested the carbon tax was one of many policy tools available to tax-writing panels.
While championed by some climate policy wonks and even some conservative groups looking to fill the Treasury Department’s piggy bank, the concept hasn't gained much traction in Capitol Hill.
Republicans and some centrist Democrats have rejected the idea of a carbon tax, saying it would impose burdensome costs on the economy. The GOP-controlled House would block a carbon tax measure, and Republicans would likely be able to filibuster a bill in the Senate.
Democrats, though, say the benefits of reducing medical costs from improved public health and stunting climate change would offset any negative economic effects from a carbon tax.
For its part, the White House has ruled out pursuing a carbon tax.
And there you go. It was only 6 years when 2 presidential candidates were both campaigning on cap-and-trade. Someone please tell DC that cap-and-trade and a carbon tax are about the same.