The Daily Signal: Why the Carbon Tax Would Backfire on America

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By Laura Williamson, Nicolas Loris, The Daily Signal,

Portrait of Nicolas LorisSeveral members of Congress have floated different carbon tax bills in recent days, some of which have both Democratic and Republican sponsorship.

But marginal bipartisan support for enacting a new tax on American families and businesses doesn’t make it good policy.

Different models and prices have been proposed, but they all tax activities that emit carbon dioxide on the premise that emissions are responsible for global warming, a cost to society which otherwise isn’t accounted for. They propose to address this “market failure” with a policy that could well lead to economic failure.

Families would pay more at the meter and the pump. Approximately 80% of America’s energy needs are met by natural gas, oil, and coal, which means the costs would be economy-wide. It would cost more to manufacture, which would drive up the price of manufactured goods. And it would cost more to farm, which would drive up the costs of food.