Testimony posted November 17, 2014
Impacts of Carbon Taxes on the US Economy
The Impacts of Carbon Taxes on the U.S. Economy
Committee on Finance
United States Senate
September 16, 2014
David W. Kreutzer, Ph.D.
Research Fellow in Energy Economics and Climate Change
The Heritage Foundation
My name is David Kreutzer. I am Research Fellow in Energy Economics and Climate Change at The Heritage Foundation.…
Backgrounder posted November 13, 2014
The Obama Administration’s Climate Agenda: Underestimated Costs and Exaggerated Benefits
When his climate cap-and-trade bill was defeated in the Democrat-controlled Senate, President Barack Obama noted there were other ways of “skinning the cat.” Now we know that his chosen way is an onslaught of mandates, regulations, and possibly taxes directed primarily by the Department of Energy (DOE) and the Environmental Protection Agency (EPA).
Backgrounder posted April 29, 2014
Unfounded FUND: Yet Another EPA Model Not Ready for the Big Game
Unable to enact cap-and-trade legislation, even when he was supported by filibuster-proof majorities in Congress, President Barack Obama famously claimed, “Cap and trade was just one way of skinning the cat; it was not the only way.” The primary alternative way to skin the cat is regulation by federal agencies, especially by the Environmental Protection Agency (EPA). A…
Backgrounder posted December 5, 2013
EPA Power Plant Regulations: A Backdoor Energy Tax
The Environmental Protection Agency (EPA) has re-proposed its desired regulation of carbon dioxide and other greenhouse gas (GHG) emissions for future power plants. The agency also plans to finalize standards for existing plants by summer 2015. If implemented and combined with other proposed and newly implemented regulations, these GHG regulations would significantly…
Backgrounder posted November 21, 2013
Loaded DICE: An EPA Model Not Ready for the Big Game
The “social cost of carbon” (SCC) is a metric used by the Environmental Protection Agency (EPA) to quantify the economic impact associated with carbon emissions. The EPA uses three statistical models to estimate the SCC: FUND (Climate Framework for Uncertainty, Negotiation and Distribution), DICE (Dynamic Integrated Climate-Economy), and PAGE (Policy Analysis of the…
Issue Brief posted June 27, 2013
Cost of a Climate Policy: The Economic Impact of Obama’s Climate Action Plan
President Obama recently released his Climate Action Plan, which is a continuation of the costly, ineffective policies from his first four years in office: Solyndra-style loan guarantees, nice-sounding but too expensive efficiency mandates, and his war on coal. It is this war on coal that would prove the most costly, with hundreds of thousands of lost jobs and $1.47…
Backgrounder posted May 28, 2013
A Cure Worse Than the Disease: Global Economic Impact of Global Warming Policy
How would adopting a global-warming policy affect world income?
Adopting carbon restrictions of the magnitude found in the Lieberman–Warner cap-and-trade bill would actually reduce worldwide income, even after accounting for the economic benefits of moderated warming. The costs would exceed the benefits by more than $100 trillion over the remainder of the 21st century.…
Issue Brief posted April 11, 2013
Boxer–Sanders Carbon Tax: Economic Impact
Senators Barbara Boxer (D–CA) and Bernie Sanders (I–VT) recently proposed the Climate Security Act of 2013, which includes a tax on the use of carbon. Heritage analysis of the bill shows that it would increase the cost of energy, reduce incomes, lead to fewer jobs, and have minimal impact (if any) on global warming.
The economic impacts would include (after adjusting…