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A carbon tax would not damage an economy

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Paul Volcker, former chairman of the U.S. Federal Reserve, speaking to the U.S. Chamber of Commerce in Egypt: [The argument that taxes on oil or carbon emissions would ruin an economy is] "fundamentally false. First of all, I don’t think [such a step] is going to have that much of an impact on the economy overall. Second of all, if you don’t do it, you can be sure that the economy will go down the drain in the next 30 years". He said this is reference to the 2006 UN Intergovernmental Panel on Climate Change. He added, "What may happen to the dollar, and what may happen to growth in China or whatever pale into insignificance compared with the question of what happens to this planet over the next 30 or 40 years if no action is taken… The scientists seem pretty well agreed that [global warming] is still potentially manageable if we act decisively, beginning now into the next decade or so, by taking measures that are technically and economically feasible."[1][2]

"Little damage from carbon tax, report says". June 6, 2007 - About an internal report prepared for the Canadian Conservative government.

William Schlesinger. "Carbon Tax Provides Fairest Incentive For Curbing Global Warming". May 16, 2005 - "A carbon tax does not necessarily mean a net increase in our cost of living. Carbon tax revenues could be directed to general government expenditures, so that income tax rates could be reduced for all Americans -- or perhaps those at the lower income levels. Importantly, our current income tax structure provides no personal choice to reduce our tax; indeed, the more we earn, the more we pay on April 15."

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