California Legislators Want To Tax Carbon But Give The Revenue To The People
Natasha Geiling
1417
Use the revenue to shore up Social Security and/or reduce payroll taxes. Social Security’s funding is already regressive, so you’re replacing one regressive tax with another (a carbon tax is much less regressive than the payroll tax), but using the money in a way that makes things more progressive. And we all know Social Security is insanely popular, and it’s going to need more funding soon. The trust fund runs out in less than 20 years.