Nation’s First Carbon Tax, Initiative 732, Goes before Voters in Washington State
October 24 2016 - 11:53AM
Business Wire
I-732 will move the state toward two goals –
cleaner energy and fairer taxes – and was developed to
de-politicize the climate debate and start a national movement
On November 8, Washington will vote on the nation’s first
revenue-neutral carbon tax. Initiative 732 (https://yeson732.org/)
accelerates the shift to clean energy by putting a price on dirty
fossil fuels that pollute our air and water, threaten our forests,
harm our kids, and damage our climate. The policy has bipartisan
support and is endorsed by over 50 University of Washington climate
scientists, Audubon Washington, Citizens' Climate Lobby, and
numerous other groups and individuals who believe we must take big
action now on climate change. Today, The New York Times said I-732,
"could well set an example for other states."
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Initiative 732 is a Simple Tax Swap
- I-732 will add a $25 per ton tax to
polluting fossil fuels. This is equivalent to about a 25 cent
increase per gallon of gasoline. Household electricity prices would
go up about five percent.
- I-732 returns the money polluters pay
to everyone’s pocket by lowering other taxes:
- Lowers the sales tax by one percentage
point, saving the average family hundreds of dollars per year.
- Funds an Earned Income Tax Credit
(EITC), providing up to $1,500 a year for approximately 460,000
low-income working families.
- Eliminates the business tax on
manufacturers, keeping good jobs in Washington.
The Facts
- I-732 will reduce carbon emissions in
the state. British Columbia implemented a similar carbon tax in
2008 and has kept emissions in check while growing its economy at a
faster pace than the rest of Canada.
- I-732 will not harm the state budget.
According to the Sightline Institute, “As an argument against I-732
the 'revenue hole' case is a red herring.”
- Climate inaction will cost the state an
estimated $10 billion annually after 2020.
- I-732 will be the biggest improvement
in the progressivity of Washington’s state tax system in 40
years.
- Everyone will benefit from the
reduction in the regressive sales tax, but low-income families will
get a financial lift from the EITC along with health benefits from
a reduction in fossil fuel pollution that contribute to heart and
respiratory illness.
- I-732 will boost jobs and clean energy.
A study by Regional Economic Models, Inc. found that five years
after adopting I-732, Washington would see an increase of more than
10,000 jobs and grow its GDP by an additional $500 million.
- CNN said I-732 is a “cheap, proven fix
to the world's biggest problem,” and The Wall Street Journal called
I-732 a “growth-friendly climate change proposal.”
“We have a moral responsibility to protect our children and
future generations by tackling climate change now, and leaving them
a cleaner, healthier, safer world,” said Kyle Murphy, co-director
of the Yes on 732 campaign. “Washington voters have a historic
opportunity to take action on climate change. Please help us pass
I-732 by donating, signing up to volunteer, and voting Yes.”
About Carbon Washington
Carbon Washington is a non-partisan grassroots group of
scientists, economists, former elected officials, business owners,
and concerned citizens focused on seeking a solution to climate
change that works for businesses and households around the state.
The group developed Initiative 732 as a revenue-neutral approach to
taxing carbon pollution while encouraging economic growth for
families and businesses. To learn more about I-732, view
endorsements, and get involved, visit YesOn732.org.
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Carbon WashingtonSamara Villasenor,
206-478-5643communications@carbonwa.org