From Mini Grey, Oxford, UK
The richest 1 per cent of the US population is responsible for more carbon emissions than the entire lowest-income 50 per cent. Your article on this advises more climate policies targeting those responsible for the largest emissions, with inheritance and wealth taxes. But there could be a fairer, clearer way to hit them straight in the carbon pocket (28 September, p 19).
A carbon fee and dividend (also called climate income) puts a price on carbon at source, increasing the price of all fossil fuels, so that running private jets, superyachts and the like gets really expensive.
But here is the key: the revenue is distributed equally to all citizens, with a regular dividend payment. This system is really progressive, benefiting lower earners most. Middle-income earners benefit or break even. Wealth from the 1 per cent will be redistributed to everyone else just by targeting their carbon use.
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