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Carbon Taxes, Deficits, and Energy Policy Interactions

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  • Sebastian Rausch
  • John Reilly

Abstract

The United States faces the challenge of bringing its federal budget deficit under control, while also reducing its greenhouse gas emissions. Current energy policy has not been very effective in reducing greenhouse gas emissions, although that has not necessarily been its sole purpose. And rather than raise revenue, much energy policy involves subsidies through the tax system that reduce revenue or regulatory policy that may indirectly reduce revenue through its effects on economic activity. This paper focuses on the role of a carbon tax as one option to raise revenue while also reducing greenhouse gases. We also examine the interaction with other regulatory policies, namely renewable portfolio standards, which have been implemented in many states, and the corporate average fuel economy standards.

Suggested Citation

  • Sebastian Rausch & John Reilly, 2015. "Carbon Taxes, Deficits, and Energy Policy Interactions," National Tax Journal, National Tax Association;National Tax Journal, vol. 68(1), pages 157-178, March.
    • Handle: RePEc:ntj:journl:v:68:y:2015:i:1:p:157-178
    DOI: 10.17310/ntj.2015.1.07
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    Cited by:

    1. Cohen, Stuart M. & Caron, Justin, 2018. "The economic impacts of high wind penetration scenarios in the United States," Energy Economics, Elsevier, vol. 76(C), pages 558-573.
    2. Laure Baratgin & Emmanuel Combet, 2022. "Quelques pistes pour concilier des objectifs sociaux, économiques et écologiques," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 121-146.
    3. Huang, Lingbo & Xiao, Erte, 2021. "Peer effects in public support for Pigouvian taxation," Journal of Economic Behavior & Organization, Elsevier, vol. 187(C), pages 192-204.
    4. James R. Mcfarland & Allen A. Fawcett & Adele C. Morris & John M. Reilly & Peter J. Wilcoxen, 2018. "Overview Of The Emf 32 Study On U.S. Carbon Tax Scenarios," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-37, February.
    5. Klenert, David & Mattauch, Linus & Combet, Emmanuel & Edenhofer, Ottmar & Hepburn, Cameron & Rafaty, Ryan & Stern, Nicholas, 2017. "Making Carbon Pricing Work," MPRA Paper 80943, University Library of Munich, Germany.
    6. Lint Barrage, 2020. "Optimal Dynamic Carbon Taxes in a Climate–Economy Model with Distortionary Fiscal Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(1), pages 1-39.
    7. Antonina Ivanova & Asim Zia & Paiman Ahmad & Mairon Bastos-Lima, 0. "Climate mitigation policies and actions: access and allocation issues," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 0, pages 1-15.
    8. Rozenberg, Julie & Vogt-Schilb, Adrien & Hallegatte, Stephane, 2020. "Instrument choice and stranded assets in the transition to clean capital," Journal of Environmental Economics and Management, Elsevier, vol. 100(C).
    9. David Kay & G. Jason Jolley, 2023. "Using input–output models to estimate sectoral effects of carbon tax policy: Applications of the NGFS scenarios," American Journal of Economics and Sociology, Wiley Blackwell, vol. 82(3), pages 187-222, May.
    10. Martin T. Ross, 2018. "Regional Implications Of National Carbon Taxes," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-39, February.
    11. Yuan, Mei & Tapia-Ahumada, Karen & Reilly, John, 2021. "The role of cross-border electricity trade in transition to a low-carbon economy in the Northeastern U.S," Energy Policy, Elsevier, vol. 154(C).
    12. Paukku Eelis, 2023. "Carbon Pricing in Finland: Balancing policy goals," Nordic Tax Journal, Sciendo, vol. 2023(1), pages 76-95, December.
    13. Warwick J. Mckibbin & Adele C. Morris & Peter J. Wilcoxen & Weifeng Liu, 2018. "The Role Of Border Carbon Adjustments In A U.S. Carbon Tax," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-41, February.
    14. Voulis, Nina & van Etten, Max J.J. & Chappin, Émile J.L. & Warnier, Martijn & Brazier, Frances M.T., 2019. "Rethinking European energy taxation to incentivise consumer demand response participation," Energy Policy, Elsevier, vol. 124(C), pages 156-168.
    15. García-Muros, Xaquín & Morris, Jennifer & Paltsev, Sergey, 2022. "Toward a just energy transition: A distributional analysis of low-carbon policies in the USA," Energy Economics, Elsevier, vol. 105(C).
    16. Cullenward, Danny & T. Wilkerson, Jordan & Wara, Michael & Weyant, John P., 2016. "Dynamically estimating the distributional impacts of U.S. climate policy with NEMS: A case study of the Climate Protection Act of 2013," Energy Economics, Elsevier, vol. 55(C), pages 303-318.
    17. Justin Caron & Stuart M. Cohen & Maxwell Brown & John M. Reilly, 2018. "Exploring The Impacts Of A National U.S. Co2 Tax And Revenue Recycling Options With A Coupled Electricity-Economy Model," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-40, February.
    18. Antonina Ivanova & Asim Zia & Paiman Ahmad & Mairon Bastos-Lima, 2020. "Climate mitigation policies and actions: access and allocation issues," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 20(2), pages 287-301, June.
    19. Yuan, Mei & Metcalf, Gilbert & Reilly, John & Paltsev, Sergey, 2017. "Impacts of Costs of Advanced Technologies and Carbon Tax Rates on Revenue," Conference papers 332864, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.

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