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The Economists' Voice 2.0The Financial Crisis, Health Care Reform, and More$
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Joseph Stiglitz and Aaron Edlin

Print publication date: 2014

Print ISBN-13: 9780231160155

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231160155.001.0001

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Carbon Taxes to Move Toward Fiscal Sustainability

Carbon Taxes to Move Toward Fiscal Sustainability

(p.208) Chapter 27 Carbon Taxes to Move Toward Fiscal Sustainability
The Economists' Voice 2.0

William D. Nordhaus

Columbia University Press

The federal government has established the National Commission on Fiscal Responsibility and Reform tasked with “identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.” The Commission has heard many proposals to increase revenues, most of which involve standard sources such as income, consumption, or company taxes. This chapter discusses a different focus, involving the use of environmental taxes. It highlights the fiscal and economic advantages of a carbon tax. It shows that a carbon tax can produce substantial revenues in the coming years—an estimated $134 billion of current revenues in 2015, equal to about 0.6 percent of GDP.

Keywords:   National Commission on Fiscal Responsibility and Reform, fiscal policy, environmental taxes, carbon tax

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