TAG: national deficit

Benefits of Carbon Taxing

Hydrogen_fueling_nozzle

In the past, the thought of carbon taxing prompted within many Americans an internal groan at the thought of paying more money for our gas use. But a recent survey from December shows that most Americans would support the proposal of carbon taxing, with 70 percent in favor. Especially as taxing big corporations for their use of fuel could inspire the application of cleaner strategies, while the money made from taxing could go towards funding environmental solution programs and the creation of green jobs. Not only would carbon taxes help curb the escalating release of carbon emissions, but could also reduce… read more

Carbon Tax Coming?

Carbon Tax COming?

A new report released Tuesday by the Congressional Research Service (CRS) shows that a carbon tax of $20 per ton which rises 5.6% annually could halve the projected 10-year deficit—from $2.3 billion to $1.2 billion. In the first year alone, the CRS estimates the tax could generate $90 billion. However, there is a catch: it is possible the generated revenue would not go entirely toward debt reduction, and instead go back into the industry in one way or another. Groups of people who disproportionately bear the carbon price might have revenue “recycled”; some revenue may be offset by lowering the payroll… read more