Here’s a great story from Canada. A new study shows that carbon taxes could reduce income taxes:

The report argues that making polluters pay a fee for every tonne of greenhouse gases emitted into the atmosphere could raise between $50-billion and $100-billion in revenue annually by 2020.

The report argues that most of that revenue could be used to greatly reduce personal income taxes.

I think that’s pretty amusing. How often do new taxes reduce old ones? It happens, but not regularly. Second, the “polluters” are regular Canadian citizens–at least the ones that drive cars or use electricity. In regulated industries, like utilities, additional costs will surely be passed on to consumers. And other industries will surely pass on the costs of additional taxes.

The article talks about the possibility of revenue neutral carbon taxes. I’ll believe that when I see it.