Time to Tax Carbon?
Congress is talking about a bailout for the Detroit auto industry, but it's not talking about raising gas taxes. As the Washington Post points out in an editorial, this would "stimulate the market for new fuel-efficient cars; defund mischief-making petro-states; and cut carbon emissions. Not only that, it would reduce traffic, curb urban sprawl and, by giving drivers an incentive to drive more slowly, improve highway safety. "
On December 9, FCNL cosponsored a briefing on Capitol Hill to encourage congressional support of taxes based on the carbon content of fuels. See Grist's report on the briefing.
Why a carbon tax?
Success: Energy Tax Credits Extended
Tax credits that encourage production of electricity from renewable sources such as wind and solar energy were set to expire on December 31, 2008. As part of the financial bailout bill passed in the fall of 2008, Congress extended these tax credits for at least one more year.
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