A new NBER working paper promises to blow up the myth that it is primarily the wealthy that will bear the cost of taxes on carbon emissions. In “Who Pays a Price on Carbon?” Corbett A. Grainger and Charles D. Kolstad explore the possibility that “under either a cap-and-trade program that limits carbon emissions or a carbon tax that imposes an outright tax on these emissions, the poor may be among the hardest hit. Because they spend a greater share of their income on energy than higher-income families, households in the lowest fifth of the income distribution could shoulder a relative burden that is 1.4 to 4 times higher than that of households in the top fifth of the income distribution.”
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