30 Sep '12, 9am

$20/Ton Carbon Tax Could Reduce US Deficit by $1.2 Trillion in 10 Years

$20/Ton Carbon Tax Could Reduce US Deficit by $1.2 Trillion in 10 Years

The possible contribution of a carbon tax to deficit reduction would depend on the magnitude and scope of the carbon tax, various market factors and assumptions about the size of the deficit. In August 2012, CBO released updated budget projections for fiscal years 2012 to 2022. Under current law, CBO estimated the 10-year budget deficit at $2.3 trillion, or 1.1% of GDP. However, using an alternative fiscal scenario, CBO’s projected a larger deficit—$10.0 trillion, or 4.9% of GDP. Enacting the carbon tax options discussed in the previous section could reduce future budget deficits. As illustrated in Figure 4, a $20/mtCO2 price on carbon (increasing by 5.6% annually) would have a considerable impact on budget deficits using CBO’s August 2012 baseline projection. The 10-year budget deficit could be reduced from $2.3 trillion to $1.1 trillion, or from 1.1% to 0.5% of GDP. Over...

Full article: http://cleantechnica.com/2012/09/30/20ton-carbon-tax-coul...

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