By Michael B. Thomas and Mike FeltusPosted April 12, 2018 05:50:55The Trump administration announced on Monday that it would take a new approach to combating climate change and reducing carbon emissions, in a new plan that would cost $2.8 trillion over the next decade, a number that reflects a significant shift in priorities.
President Donald Trump announced his climate plan on April 9, saying that the United States would lead the world in reducing greenhouse gas emissions by 40 percent by 2030 and that it had made significant progress in cutting the United Kingdom’s emissions by 80 percent.
But with his plan, Trump has not done much of anything to significantly cut carbon emissions.
He has not released a budget or proposed a legislative response.
And with the economy booming and the United Nations Climate Summit in Paris this year set to begin in earnest, there is little to show the new plan will lead to a significant reduction in carbon emissions for the foreseeable future.
In its new report released Tuesday, the Council on Environmental Quality said that the new framework would cost the federal government about $4.7 trillion over 20 years.
That includes an additional $2 trillion in tax revenue that will be paid for by other federal programs, it said.
The new climate plan, the report said, would cost taxpayers $1.5 trillion, an increase from the $1 trillion that was originally estimated.
It also would require that the federal deficit be reduced by $1,600 billion, or about 0.2 percent of the economy.
“In the first year, the plan would generate $2,400 billion in new revenue,” the report states.
“The second year would generate about $1 billion in revenue, which would increase to about $2 billion in the third year.”
But even if the federal budget were to be cut in half by 2019, that would leave about $3.5 billion in a “fiscal space,” the new report says.
The plan also would save about $5 billion per year in federal spending, according to the report, and that would amount to a $1 per capita saving.
But even without any of those savings, the new carbon tax would still be a big blow to the federal economy, according the report.
The carbon tax “would have an impact on federal outlays in the form of a reduction in federal revenue of $3 billion annually,” the agency noted.
It added that the tax would also increase the amount of money Americans are forced to spend on federal programs.
The report estimates that the carbon tax will cost the country $8,200 per year per person, which is about $50,000 a year per household.
“The carbon price increase would cause a reduction of more than $4,000 in federal outlances per person per year,” the researchers said.
In the past, federal taxes have been viewed as a big source of spending.
In fact, in recent years, the federal excise tax on cigarettes has been among the most heavily lobbied pieces of legislation in Washington.
But the tax was recently struck down by a federal appeals court, saying it violates the Commerce Clause of the Constitution.
This new report suggests that the coal industry is going to get a big chunk of the tax cut.
But there are also concerns that coal jobs could be affected.
“Our estimate of the coal tax impact on the coal mining industry and related industries is based on our assessment that coal is the largest industry affected by the carbon price,” the authors wrote.
The coal industry employs nearly 200,000 people and pays taxes at a rate of nearly $2 a ton of coal.