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1 Alex Muresianu & Huaqun Li, Carbon Taxes and the Future of Green Tax Reform 1 (2022)

handle is hein.taxfoundation/cntxadtefr0001 and id is 1 raw text is: Carbon Taxes and * the Future of Green Tax Reform FISCAL Alex Muresianu Federal Policy Analyst Huaqun Li Senior Economist No. 794 June 2022 Key Findings • By driving changes to the climate, carbon emissions will impose major long- term economic costs, both here in the U.S. and around the world. • Carbon taxes are an option to make the market reflect future costs of carbon emissions, discouraging emissions and incentivizing development and implementation of clean technology. • Carbon taxes also come with design challenges and economic costs, including reducing growth and falling more heavily on lower-income households. • The problems of a carbon tax are shared by other environmental policies, as regulation disproportionately burdens low-income people, while subsidies for green technology tend to benefit the wealthy. • The revenues from a carbon tax could be used to offset growth and distributional concerns by lowering more distortionary taxes elsewhere and providing cash payments to households. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2022 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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