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Save Our Heritage |
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Protecting the Birthplace of the American Revolution, the cradle of the Environmental Movement, and the Home of the American Literary Renaissance |
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Senator Markey introduces legislation for carbon taxes on private luxury jetsupdated Feb 28, 2024A legislative bill to tackle climate change while reducing social inequity was introduced by Senator Ed Markey. This bill would levy an excise tax of $1.95 per gallon on jet fuel for private jets. The tax outlined in this bill was later incorporated into President Biden's 2024 State of the Union address and proposed budget. The proposed tax is in the range of a carbon tax based on the social cost of carbon (the social cost of carbon is $.05-$.20 per kg, and there are 12kg CO2 per gallon, so an appropriate carbon tax should be in the range of $.60 to $2.40 per gallon). A recent study has demonstrated that instituing carbon taxes focused on luxury items can have the same or greater climate benefit than an evenly assessed tax, while preventing the social inequities of a wide tax. |
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