Adele Morris co-authored this post.
A US carbon tax could raise $1 trillion or more in new revenue over the next decade. There is no shortage of ways to use it.
Tax reformers want to cut business and personal taxes. Budget hawks want to reduce future deficits. Environmental advocates want to invest in clean energy. Progressives want to expand the social safety net. And so on.
How should we make sense of these competing ideas? In a new policy brief, we suggest a framework for thinking through these options. We identify four basic uses of carbon tax revenues:
- Offset the new burdens that a carbon tax places on consumers, producers, communities, and the broader economy;
- Support further efforts to reduce greenhouse gas emissions;
- Ameliorate the harms of climate disruption; or
- Fund public priorities unrelated to climate.
Each has merit, especially as part of an effort to build a political…
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