25 Oct '16, 7pm

Washington state to vote on first US revenue-neutral carbon tax in November

Washington state to vote on first US revenue-neutral carbon tax in November 25 October 2016 On November 8, Washington will vote on the US’ first revenue-neutral carbon tax. If approved, Initiative 732 would establish a tax on carbon emissions at $15 per metric ton of emissions in July 2017; $25 in July 2018, and then 3.5% plus inflation each year until the tax reaches $100 per metric ton. The tax would be phased in more slowly for farmers and nonprofit transportation providers. I-732 in return lowers other taxes: Lowers the sales tax by one percentage point (from 6.5% to 5.5%). Funds an Earned Income Tax Credit (EITC), providing up to $1,500 a year for approximately 460,000 low-income working families. Reduces the business and occupation tax rate from 0.484 to 0.001%. A financial impact analysis by Washington’s Office of Financial Management concluded that during the first...

Full article: http://www.greencarcongress.com/2016/10/20161025-i732.html

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