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Environmental taxation and the double dividend hypothesis
and to be published in "Critical Issues on Environmental Taxation III" Environmental taxation Jean Baptiste Colbert, financial assistant of King Louis XIV, used to say that "The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing." I spite of the disputable image, he hit the target: taxation is a powerful instrument, not only to collect revenue but also because it allows the government to discourage inefficient behaviours. Nevertheless taxes have a distortional effect on consumption: they change relative prices of goods and services, modifying consumers' choices. As far as labour taxes are concerned, there is a tax wedge between the payroll and the employee's take home wage. This wedge modifies relative prices and then the consumption decisions. Actually taxation can be used to correct or internalize externalities. Air pollution is a typical example of externality: introducing a tax on fuel carbon content, we expect a change in the fuel mix from carbon intensive fuels toward green fuels (natural gas instead of coal…). An environmental tax reform scheme should: Reduce or remove perverse subsidies Restructure existing taxes to discourage polluting activities Introduce new environmentally related taxes, if needed The basic idea is to realize a tax shift in a revenue neutral way, from labour (which is "good") to pollution (which is "bad"). In other words a win-win strategy that could realize two target in one, without additional costs. The distortional effect is turned to discourage pollutant behaviours.
Reevaluating the first and the second dividends of environmental tax reforms
Energy Policy, 2010
There is increasing global interest in market-based climate change policies following the last elections in the United States. In this context an Exxon Mobil chief executive came out in favour of a carbon tax. This paper is concerned with the welfare analysis of Environmental Tax Reforms (ETR), and takes up the claims for the need of an unambiguous and operative definition of the double dividend both for empirical purposes and political advisement. In this paper, we contest the usual definition of the second dividend and its assimilation to an ''efficiency dividend''. We propose alternative definitions by suggesting a different splitting of the total welfare variation between the first and the second dividend in order to isolate the efficiency effects of the ETR. The new definitions become clearly understandable and easy for economic and policy interpretation. Concepts like ''weak'' and ''strong'' double dividend turn out to be unnecessary. Finally, we analyze ETR for the US economy to illustrate the advantages of the proposed definitions for policy implementation.
Ricardian rents, environmental policy and the ‘double-dividend’ hypothesis
Journal of Environmental Economics and Management, 2007
Recent studies on the so-called double dividend hypothesis find that environmental tax swaps exacerbate the costs of the tax system and therefore do not produce a double dividend. We extend these models by incorporating a fixed-factor in the production of the polluting good and, therefore, allowing Ricardian rents to be generated in the economy. In this setting, an environmental tax
Environmental taxation and the double-dividend: The role of factor substitution and capital mobility
Environmental Fiscal Reform and Unemployment, 1996
This paper deals with the so-called 'double-dividend' of an environmental tax reform. We find that, in a model with only labor and a polluting input as factors of production, society faces a trade-off between internalizing environmental externalities and raising revenues in the least distortionary way. However, if either fixed or mobile capital enters the production structure, an ecological tax reform may render the tax structure more efficient from a non-environmental point of view, thereby raising not only environmental quality but also private incomes.
In this paper the welfare implications of earmarking of revenues from environmental taxes is analysed using a principal-agent model in the incomplete contracting tradition of constitutional design. The model takes outset in agency capture theories and we find that under plausible conditions allowing or in some cases mandating earmarking for transfers to the polluters is welfare improving. This is surprising and has implications for the double dividend discussion i.e. drawing into doubt the existence of even the weak double dividend and the universal soundness of warnings against earmarking.
Environmental Taxation And Distributional Consequences
2003
Denmark today carries one of the heaviest environmental tax burdens in the world, bringing in around 10% of public revenues. While evaluations have shown the positive effects of the Danish CO2 and other environmental taxes, a considerable barrier for an increased use of these instruments today seems to be a widespread perception of their socially adverse effects. The aim of the present paper is to further examine the direct and indirect distributional consequences of Danish CO2-taxes on industry and households, based on actual tax payments, directly and indirectly paid by households. Thus, we will evaluate the CO2-tax burden for households in different income brackets, in order to examine whether CO2-taxes tend to be progressive or regressive. In this paper, it is demonstrated, that CO2-taxes imposed on energy consumption in households, as well as in industry, does in fact tend to be regressive, and therefore to have undesirable distributional effects. This holds especially for taxe...
Double Dividend Hypothesis: Can it Occur when Tackling Carbon Emissions?
Procedia Economics and Finance, 2014
The paper focuses on the double dividend hypothesis occurrence in case of carbon taxation enactment. Our assessment questions the conditional occurrence of the hypothesis, where environment improvement and the reduction of tax distortions depend not only on the design of carbon taxes but also on the complementary measures implemented to enhance their efficiency. This paper takes into consideration previous proposals to reduce labor taxation in order to strengthen double dividend hypothesis and aims to point out the risks of such measures, for they could endanger the process of pollution abatement. Due to this fact, the paper proposes another set of alternative measures to boost carbon taxation efficiency.
Tax Deductible Spending, Environmental Policy, and the" Double Dividend" Hypothesis
1999
Recent studies find that environmental tax swaps typically exacerbate the costs of the tax system and therefore do not produce a "double dividend". We extend previous models by incorporating taxfavored consumption goods (e.g. housing, medical care). In this setting, the efficiency gains from recycling environmental tax revenues are larger because pre-existing taxes distort the consumption bundle, besides distorting factor markets. We find that a revenue-neutral emissions tax (or auctioned permits) can produce a significant double dividendindeed the economic costs of modest emissions reductions may be negative. The efficiency gains from emissions taxes over grandfathered permits are also larger than previously recognized.
Tax Deductions, Environmental Policy, and the “Double Dividend” Hypothesis
Journal of Environmental Economics and Management, 2000
Recent studies find that environmental tax swaps typically exacerbate the costs of the tax system and therefore do not produce a “double dividend.” We extend previous models by incorporating tax-favored consumption goods (e.g., housing, medical care). The efficiency gains from recycling environmental tax revenues are therefore larger because pre-existing income taxes distort both consumption decisions and factor markets. In this