December 5, 2019

TAX WHAT YOU DON'T WANT:

Why IBM Is Joining the Corporate Chorus Calling for a Carbon Tax (Katherine Dunn, December 3, 2019, Fortune)

A carbon tax as a concept is far from new--it's been doing the rounds in Washington since at least the early 1990s, when a similar policy was proposed during the Clinton Administration. Some major companies, including ExxonMobil, have incorporated the possibility of such a tax into their long-term planning since at least 2013. What's different now is that the idea of a carbon tax continues to gain widespread momentum in the U.S. business community--even as the country's policy on climate change has broadly been rolled back under the Trump administration.

Padilla says IBM backs the escalating carbon dividends plan proposed by the Climate Leadership Council, a conservative-leaning industry group, which starts at $40 per ton of CO2 emissions and increases every year at 5% above inflation. The revenue from that tax will be returned as a dividend to all Americans and will exceed what the public would pay in higher energy costs, the Council says.

The system advocated by the Council has also been backed by four former chairs of the Federal Reserve--Janet Yellen, Ben Bernanke, Alan Greenspan and Paul Volcker--alongside a wide slate of economists, who argue that it would be more efficient in reducing emissions than regulations.

Posted by at December 5, 2019 6:41 PM

  

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