Why I think there isn't much difference between emissions taxes and carbon taxes: a summary

Both emissions taxes and cap-and-trade can:

1. achieve optimal emissions at the least cost to society
2. provide incentives for firms to innovate and further lower abatement costs
3. both carbon taxes and cap-and-trade can raise revenue for the government. Carbon taxes can raise more. Emissions permits must be sold by the government for cap-and-trade to able to raise revenue.
4. emissions trading markets might result in more price variability for consumers. This can be resolved with a price control in the emissions market (i.e., a safety valve).
5. emissions trading markets can become overly concentrated. if some firms accumulate a large number of permits they could set the price above the competitive level. government must be sure to promote competition just like it does in other markets.
6. I'm sure there are other issues and I'm happy to be reminded of them.

#1 and #2 are the big things. The rest are relatively minor issues. I'm happy with either policy since I think that #1 and #2 are the most important (i.e., that is where the most efficiency gains versus the status quo and versus command and control can be found).

I think cap-and-trade has a better chance of implementation so I'm not going to get in the way.