AL GORE'S INCONVENIENT TAX
July 5, 2007
Despite the spotlight that will shine on Al Gore at his Live Earth concert Saturday, he most likely won't mention his most radical idea -- replacing the current payroll tax with a consumer tax on fossil-fuel use, says the Christian Science Monitor.
Gore would have good reason to remain quiet Saturday, says the Monitor:
- This "carbon tax" would, of course, raise the price of gasoline and home heating/cooling.
- It would put the burden of generating the same level of federal revenues on consumers while reducing the tax burden on labor and capital (workers and employers).
- Unless the poor get a break on this consumption tax, it will hit them harder than it will the wealthy.
No wonder that no presidential candidate endorses it, especially with gas prices hovering around $3 a gallon. Most do endorse pinching pocketbooks, but only indirectly, such as by calling for higher fuel efficiency in vehicles and a cap on greenhouse-gas pollution from company smokestacks. Gore would do both: tax carbon use and cap emissions. Unfortunately for him, it may take more than one Live Earth concert to warm up the public and politicians to a carbon tax, says the Monitor.
Source: Editorial, "Al Gore's inconvenient tax," Christian Science Monitor, July 5, 2007.
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