“Taxes are always a regrettable necessity, but some are less regrettable than others,” the FT editorial reads. “A tax that strengthens energy security and cuts pollution, while minimising the damage done to employment and investment, is one of the least regrettable of all.”
“Yet a carbon tax, which has all those characteristics, is struggling to find support from the US administration or in Congress,” the editorial continues. “It deserves much wider enthusiasm.”
President Obama has made addressing climate change a top priority for his second term, promising to use his executive authority to act on the issue if Congress failed to pass act on it first. However, the administration has repeatedly said it is not planning to propose a carbon tax.
Congressional Democrats have recently been pushing legislation that would put a price on carbon dioxide emissions in order to raise revenues and address global warming.
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