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Metcalf Department of Economics Tufts University February 9, 2008 $O<=#A Classic ExternalityNon-spatial externality Efficient solution: price CO2 emissions at their marginal damages What s the right price? Estimates are very imprecise: range from $3 to $95 per ton CO2e Weitzman uncertainty Given long lags in GHG dispersion, prudence dictates starting now and refining policy as more information becomes availablenrZUZ|Z4 == |\9Policy OptionsCap and trade bills Lieberman-Warner (S.2191) Paltsev et al. (2007) analyze a number of bills Carbon tax Metcalf (2007) discusses advantages of carbon tax approach Hybrid approaches Bingaman-Specter (S. 1766) Stavins (2007)ZJZ Z;ZZ*ZJ ;* ]:Carbon Tax Bills9Dingell Draft Stark-McDermott (HR 2069) Larson (HR 3416) 9:^; Dingell Plan$50/ton C ($13.64/ton CO2) $0.50/gallon gasoline Rate fixed in real terms Fossil fuel CO2 only Revenue linked to various spending programs and Highway Trust Fund Phase out of mortgage interest deduction on large homes 6?_= Stark Bill$10/ton C ($2.73/ton CO2) rising $10 annually until emissions fall to 80% below 1990 levels Fossil fuel CO2 only Credits for sequestration activities Use of funds unspecified 6RE`< Larson Bill$15/ton CO2 growing at 10 percent real Fossil fuel CO2 only Credits for sequestration activities Bulk of funds for income tax relief designed to be distributionally neutral 6 *xa>N+%Cap & Trade vs. Tax: Important Issues&&(ARevenue Allocation Efficiency Price Volatility Induced InnovationO,RevenueRRevenue obscured under a cap & trade system $80 billion annually with a $15 per ton CO2 price Order of magnitude larger than Acid Rain Program Including the revenue in the budget process explicitly instills some budgetary discipline Revenue from cap & trade only included in federal budget if auctioned Free permits are a hidden transferj,c[i,* 8[iP- AllocationPermits are valuable assets Big incentive for rent seeking activity Current focus on allocation has perverse distributional results Emphasis should be on compensating affected parties, not regulated sectors Carbon Tax Swap addresses this problemL(@r(@rR/ EfficiencyPure cap & trade fixes quantity but not price Pure tax fixes price but not quantity Economic modeling consistently shows that tax more efficient to achieve given expected GHG reductions under abatement cost uncertaintyS0Price VolatilityEU-ETS prices highly volatile Makes planning by firms difficult Need for complex schemes (e.g. Carbon Market Efficiency Board) Safety valve mechanisms address upside risk But if binding, converts system to a tax&))T1Induced InnovationDownside risk also a concern with cap & trade Phase I ETS prices traded for less than 5 throughout 2007 Concern in RGGI that initial permit allocation may be too high Low permit prices deter induced innovationF.z+.(R + I'3No Guarantee Of Emission Reductions with Carbon Tax44(&Committing to specific emission reductions regardless of the cost cannot be justified by any model of social welfare We should balance reductions against the economic cost as represented by the marginal cost of abatement Moreover, no guarantee of specific emission reductions with cap and tradeb?Carbon Tax or Cap & Trade?Differences can be overstated Hybrid schemes mix attributes of both approaches Safety Valve Cap & Trade and Carbon Fee Either approach preferred to a partial regulatory approach International harmonization possible with either approach<OZ)ZuZO)uK(Important Design FeaturesComprehensive sectoral coverage Upstream implementation Multi-gas implementation Long-term commitment Domestic planning Credibility an issue to ensure global participation&fGfGV3Carbon Tax Swap Proposal7A tax on emissions at an initial rate of $15 per metric ton of CO2 equivalent and gradually increasing over time A refundable tax credit for sequestered GHGs and other approved sequestration activities Border tax adjustment for fossil fuels An environmental earned income tax credit in the personal income tax equal to the employer and employee payroll taxes on initial earnings up to a limit. For 2003 emissions and earnings, the credit would offset payroll taxes paid on the first $3,660 of earnings per worker up to a maximum credit of $560 per covered worker. .ZZY6Burden of Carbon PricingCap & trade or tax prices carbon Cost predominantly shifted forward into higher consumer prices Carbon price is regressive like most energy taxes&`2`2Burden of Carbon TaxRebate Distribution Net Burden'Distributional Impact of Grandfathering(((Z7Summary Carbon tax has a number of advantages over cap & trade Except for political expediency But public opinion is shifting: Any form of carbon pricing strictly preferred to a regulatory approach Hybrid cap & trade blurs some of the distinction between permits and taxes<7B7B[8SummaryImportant difference is distribution Carbon pricing is regressive Regressivity can be undone through well-designed rebate of carbon revenue Precedents suggest that many if not all permits will be given away And given to the wrong groups Giving $80 billion annually to special interest groups to purchase their support is bad public policy If cap & trade is chosen instrument, distributional and revenue neutrality with full auctioning should be a guiding principle BPPPM*H%L)/?  0` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> *"(    6hˍ  `}  T Click to edit Master title style! !  0΍  `  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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33___PPT10i.Zo+D=' = @B + 0 0(  x  c $ `}   x  c $ԛ `  H  0޽h ? 33___PPT10i.Zʌ+D=' = @B +u0  (  H  3 A "`p   6P"`@` QAll prices in year 2005 dollars     <ԪC"? ; Tax Rates   H  0޽h ? 33___PPT10i.ZJ:+D=' = @B + 0 l0(  lx l c $ `}   x l c $ `  H l 0޽h ? 33___PPT10i.N)[+D=' = @B + 0 p\(  px p c $ `}    p c $ `<$0  H p 0޽h ? 33  ___PPT10` .N0[,+FD ' = @B D ' = @BA?%,( < +O%,( < +Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p,%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p,^%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p^%(Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p0%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p0S%(+8+0+p0 +  0 t\(  tx t c $ `}    t c $ `<$0  H t 0޽h ? 33  ___PPT10 .N Y+FDc ' = @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*t%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*tD%(Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*tD%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*t%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*t%(+8+0+t0 +  0 |\(  |x | c $ `}    | c $ `<$0  H | 0޽h ? 33me___PPT10E.N0+[W_D' = @B D' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*|.%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*|.T%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*|T%(+8+0+|0 +  0 tl (  x  c $ `}     c $t `<$0    0P@00H  0޽h ? 33  ___PPT10 .N+[W_Dz ' = @B D5 ' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*@%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*@%(D' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(+8+0+0 +z  0 0\(  x  c $ `}     c $ `<$0  H  0޽h ? 33V N ___PPT10. .N :p+FD' = @B D' = @BA?%,( < +O%,( < +Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*.%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*.i%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*i%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(+8+0+0 +  0 \\(  \x \ c $$ `}    \ c $$ `<$0  H \ 0޽h ? 33me___PPT10E.E+[W_D' = @B D' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*\u%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*\u%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*\'%(+8+0+\0 +  0 0\(    c $D `<$0  x  c $ `}   H  0޽h ? 33  ___PPT10 .2@l+JD\ ' = @B D ' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*O%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*O]%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*]x%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*x%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(+8+0+0 + 0 `$(  `r ` S l' `}    ` S <( `<$0   ` 0Pl$D000H ` 0޽h ? 33___PPT10.2p+ܢ3DH' = @B D' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*` %(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*` 8%(D' =%(Du' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`8Q%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*`%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`Qf%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`fy%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`y%(+8+0+`0 +s 0 P\(  x  c $1 `}     c $2 `<$0  H  0޽h ? 33O G ___PPT10' .N0գ+[W_D ' = @B D~ ' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*r%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*r%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*8%(+8+0+0 +  0 \(  x  c $G `}     c $H `<$0  H  0޽h ? 33___PPT10.N0::+[W_D1' = @B D' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*!%(D' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*!`%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`%(+8+0+0 +q 0 p(  x  c $Q `}    0  `A  ? ?    0`U@  LSource: Metcalf (2007) 2H  0޽h ? 33___PPT10i.(%\m+D=' = @B +e 0 |t t (  tr t S h\ `}    t0 ZA ?AA ?5    t 00_@@  LSource: Metcalf (2007) 2H t 0޽h ? 33___PPT10i.-%pXyG+D=' = @B + 0 )(  r  S `c `}    0 ZA ?AA ?o  "  6+B#style.visibility<*%(D' =-o6Bdissolve*<3<*+8+0+0 + 0  9(  r  S Ls `}    0 ZA ?AA ?%p  %"  <(u"`1 p,$D0 wCGrandfathering precludes the opportunity for distributional offsetsD D  0zP ` LSource: Metcalf (2007) 2H  0޽h ? 33___PPT10..%+&V"D' = @B D' = @BA?%,( < +O%,( < +D' =%(%(D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*+8+0+0 +  0 \(  x  c $ `}     c $ `<$0  H  0޽h ? 33  ___PPT10w .N{+FD ' = @B D ' = @BA?%,( < +O%,( < +Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*7%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*7W%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*Wy%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*y%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(+8+0+0 +v 0 \(  x  c $ `}     c $ ` <$0  H  0޽h ? 33RJ___PPT10*.N+[W_D' = @B DI' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%B%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*B%(D' =%(DM' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*S%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*S%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*S%(+p+0+0 ++0+0 +0 h0(  hH h 0޽h ? 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Metcalf % ( Rp@Times New RomanlDSTimes N\U @Times 0 SxO0Oz0%0\U$p8TP0 ,P\0Ldv%    T*>tEAA*DL|Department of Economics % ( Rp@Times New RomanlDSTimes N\U @Times 0 SxO0Oz0%0\U$p8TP0 ,P\0Ldv%    T7HfOAA7NLlTufts University % ( Rp@Times New RomanlDSTimes N\U @Times 0 SxO0Oz0%0\U$p8TP0 ,P\0Ldv%    T6Xg_AA6^LlFebruary 9, 2008 % (   x--$xx--'@Times New Roman?-. @2  &A Proposal for a U.S. Carbon Tax Swap:."System-@Times New Roman?-. 02 *An Equitable Tax Reform to g.-@Times New Roman?-. 32 %%Address Global Climate Change.-@Times New Roman?-. "2 :6Gilbert E. Metcalf.-@Times New Roman?-. *2 D*Department of Economics.-@Times New Roman?-. 2 N7Tufts University.-@Times New Roman?-. 2 ^6February 9, 2008.-՜.+,D՜.+,    $On-screen Show;'  ArialTimes New RomanDefault DesignMicrosoft Office Excel ChartbA Proposal for a U.S. Carbon Tax Swap: An Equitable Tax Reform to Address Global Climate Change A Classic ExternalityPolicy OptionsCarbon Tax Bills Dingell Plan Stark Bill Larson BillSlide 8&Cap & Trade vs. Tax: Important IssuesRevenue Allocation EfficiencyPrice VolatilityInduced Innovation4No Guarantee Of Emission Reductions with Carbon TaxCarbon Tax or Cap & Trade?Important Design FeaturesCarbon Tax Swap ProposalBurden of Carbon PricingBurden of Carbon TaxRebate Distribution Net Burden(Distributional Impact of GrandfatheringSummarySummary Slide 26 Slide 27 Slide 28  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles(PX _PID_HLINKSVersionA -1,-1,LAST!296,10,Important Design Features293,44,Slide 44304,11,Price Volatility(_QLauren A SmulcerLauren A Smulcer  !"#$%&'()*+,-./0123456789:;=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesvCurrent UserSummaryInformation(PowerPoint Document(<uDocumentSummaryInformation8