July 17, 2014
IT'S ECONOMIC POLICY, NOT ENVIRONMENTAL:
The Case for a Carbon Tax (IRWIN M. STELZER, 7/17/14, Weekly Standard)
Posted by Orrin Judd at July 17, 2014 4:00 PMThere is broad agreement that our tax structure is slowing economic growth and job creation. We are more at risk from tax inversion mergers than from weather inversions as our corporations flee to countries with half our stated corporate tax rate. Our payroll taxes, layered over with new taxes concealed in Obamacare, discourage work and risk-taking, and discriminate against modest earners. Our corporations sit on billions overseas rather than pay a huge fee for repatriating the cash.A carbon tax would provide funds to make an attack on these nonsensical features of our tax code far easier. At minimum such a tax can be revenue-neutral, with the proceeds offsetting reductions in other taxes; at maximum, it might be what Wall Street calls revenue-accretive, generating new revenues by stimulating growth and job creation.