To: President Donald Trump, The United States House of Representatives, and The United States Senate
Now is the time to green the tax code
As Hurricane Sandy rallies troops to the call for climate change legislation, and Congress and the President debate revising the tax code as part of a fiscal deal, the National Academy of Sciences is studying how to bring these causes together: revise the tax code to reduce greenhouse gas emissions. We can put a price on carbon with a dividend to taxpayers to offset higher energy costs. We can also eliminate subsidies to fossil fuel companies and add subsidies to renewable energy companies. There is bipartisan support for this proposal to allow the market to reduce climate change. The time is now.
Why is this important?
As a climate activist, I see an opening to revise U.S. tax policy, which now supports oil, gas, and coal companies -- the biggest polluters of the environment -- through subsidies. Although Pres. Obama may not be able to get national legislation to slow global warming, he can get these subsidies reversed with our support. And perhaps add subsidies for renewables. That means, we can reduce emissions through the tax code.