13 Oct '11, 9pm

New Carbon Tax Means 1 Million Australians Don't Have to Pay Income Taxes

Photo credit: Señor Codo via Fotopedia/CC BY-SA 3.0 You might have already heard that after a long and arduous political battle, Australia is on track to institute a fairly potent carbon tax . After the measure passes the upper house (where the political composition is such that it is assured to do so), the nation's 500 largest polluters will begin paying $23 per ton of carbon emitted. And this is perhaps the best part: The system is designed to replace part of the income tax code -- meaning that one million Australians will no longer have to pay income taxes at all. Here's John Quiggen : While the business compensation in the current scheme is still excessive in economic terms, it's a sensible compromise politically. More important is the use of the bulk of the proceeds to raise the income tax threshold from (around) $6000 to $20000, thereby taking a million or so people ...

Full article: http://www.treehugger.com/files/2011/10/new_carbon_tax_me...

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