National carbon price will likely raise costs for Canadians, damage overall economy

Yesterday the Liberal government revealed plans to impose a national carbon price on the provinces, aimed at reducing greenhouse gas emissions. The plan requires provinces to adopt a carbon tax or cap-and-trade scheme.There is, in theory, efficient and benign carbon pricing. But no jurisdiction in Canada (or elsewhere) has such pricing.To avoid damaging an already weak economy, carbon taxes must be 100 per cent dollar-for-dollar rebated to taxpayers to reduce other distortionary taxes, such as income taxes. This isn’t even on the table in Alberta and Ontario, which plan to spend the revenues on pet projects and favoured industries. And

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