May 2013 Congressional Budget Office report commissioned by Rep. Henry Waxman (D-Ca.) (in office 1975-2014) finds costs of a carbon tax would not be evenly distributed, would consume a greater share of income for low-income households:
May 2013, "Effects of a Carbon Tax on the Economy and the Environment," Congressional Budget Office
p. 1, Summary: Subhead: "How Would a Carbon Tax Directly Affect the Economy?"
"Such a tax would have a negative effect on the economy. The higher prices it caused would diminish the purchasing power of people’s earnings, effectively reducing their real (inflation-adjusted) wages. Lower real wages would have the net effect of reducing the amount that people worked, thus decreasing the overall supply of labor. Investment would also decline, further reducing the economy’s total output.
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This May 2013 Congressional Budget Office report was commissioned by Rep. Henry Waxman (D-Ca.):
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p. 20: "This Congressional Budget Office (CBO) report was prepared at the request of the Ranking Member of the House Committee on Energy and
Commerce [As of 2013, Henry Waxman]. In keeping with CBO’s mandate to
provide objective, impartial analysis, the report makes no
recommendations."
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