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Although the future extent and effects of global climate change remain uncertain, the expected damages are not zero, and risks of serious environmental and macroeconomic consequences rise with increasing atmospheric greenhouse gas concentrations. Despite the uncertainties, reducing emissions now makes sense, and a carbon tax is the simplest, most effective, and least costly way to do this. At the same time, a carbon tax would provide substantial new revenues which may be badly needed, given historically high debt-to-GDP levels, pressures on social security and medical budgets, and calls to reform taxes on personal and corporate income.


Aldy, Joseph, and William A. Pizer. "Comparing Countries' Climate Mitigation Efforts in a Post-Kyoto World." Implementing a US Carbon Tax: Challenges and Debates. Ed. Ian Parry, Adele Morris, and Roberton C. Williams III. Routledge, 2015.