A simple carbon tax is the best option in my opinion. Unfortunately, politicians are more likely to pass a cap and trade bill to favor their campaign contributors by grandfathering them in to receive free carbon credits. A cap and trade bill is little more than a complicated carbon tax that controls the quantity of carbon and lets the market set the price instead of setting a price and letting the market control the quantity. I also like the idea of a simple carbon tax better because it can generate some much-needed revenue for the government.
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