Guess what? Rex Tillerson, Exxon CEO and likely next Secretary of State likes carbon taxes

 

It should be noted that the above speech was given before the fracking revolution really got started. This revolution was arguably the key reason why carbon emissions have gone down in the USA over the last half decade. Fracking has made natural gas abundant and cheap. Natural gas generates much less carbon than coal. Natural gas plants are better, as far as carbon goes, for the environment.

But what happens if the government comes to rely on carbon as a revenue source?

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10 Giant Corporations Which Don’t Pay (Federal) Taxes

As anyone who reads us regularly knows we are fans of letting people and businesses keep as much of their own money as possible. At least tax breaks don’t cost the taxpayer anything and if the (tax break) money is kept in the private sector that money is much more likely to be used efficiently. (Of course the Fed has deeply undermined this mechanism with QE and near 0% rates.) However, as we also say, tax breaks can still be a form of crony capitalism.

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