- October 1, 2021
- Posted by: Stratford Team
- Category: Business
What is the best way to reduce greenhouse gas emissions?
The commonsense solution endorsed by most economists is a carbon tax to raise the price of fossil fuels. If coal, gasoline and natural gas were more expensive, usage would decline.
Commonsense solutions have gone nowhere in Washington D.C. and elsewhere due to concerns over voter backlash. Even Al Gore, who sounded the alarm on global warming way back in 2000, opposed a higher gasoline tax during his run for the presidency.
But now, a modern miracle may be in the offing. A carbon tax is on the table as Congressional Democrats seek “pay-fors” to offset the cost of the $3.5 billion “human infrastructure” bill.
Thus far, pay-fors proposed by the House Ways and Means Committee include higher income tax rates at the top, a higher corporate tax rate and changes to estate taxes. Most of these changes fall well short of President Biden’s recommendations. They also fall well short of $3.5…