REPUBLICAN introduces carbon tax bill. HT: Greg Mankiw
Reps. Bob Inglis of South Carolina and Jeff Flake of Arizona on Wednesday became the first Republican lawmakers to introduce legislation imposing a carbon tax on producers and distributors of fossil fuels.
The bill, co-sponsored by Democratic Rep. Dan Lipinski of Illinois, would set a tax of $15 a ton of carbon dioxide produced in its first year in effect, with the tax rising to $100 a ton over three decades.
Good for them — this also demonstrates the flexibility of a carbon tax in how it can be changed over time… I especially like this tax-neutral proposition to reduce the payroll tax as well.