Climate Change

It would be entirely too arrogant for us to dismiss the possibility of what may be happening to our climate and think we can do nothing.  Foremost, we should focus on measures that continue technical efforts in energy efficiency. There are already ambitious CAFE targets in place. Substantially higher mileage trucks are in the pipeline. We already use less energy for transportation that we did 10 years ago. Production credits for renewable energy are still appropriate but there should be an expectation to phase them out eventually. They are very expensive.

I could support a revenue neutral carbon tax. That means a replacement of certain taxes with a tax on carbon emissions and not an additional tax on top of existing taxes. The purpose of this, of course, is to increase incentives for energy efficiencies. For instance, FICA taxes could be reduced, say, 3%. Then the taxes from carbon emissions would replace what would have been paid to the Social Security Trust Fund from FICA taxes. Some individuals/businesses would pay more taxes but there would be no net increase in total taxes collected.