Federal spending for highways, which takes place largely through grants to state and local governments, has equaled a fairly stable percentage of gross domestic product over the past 30 years. Since 2001, that spending has exceeded the revenues from fuel and other taxes that are credited to the Highway Trust Fund for highway programs. Policymakers have various options for changing the ways in which the federal government spends on highways and raises money to fund those expenditures.
Presentation by Chad Shirley, CBO’s Deputy Assistant Director for Microeconomic Studies, at the Transportation Policy & Finance Summit of the International Bridge, Tunnel and Turnpike Association (IBTTA).
Federal spending on highways (or, synonymously, roads) totaled $46 billion in 2014, roughly a quarter of total public spending on highways. But that spending does not correspond very well with how the roads are used and valued.
This presentation illustrates how spending on highways is related to their use and performance, and it examines three approaches that the Congress could consider to make highway spending more productive.
This document summarizes a presentation given by Peter Fontaine of the Congressional Budget Office on best practices for visualizing and communicating data through visual stories and summaries. It discusses tools for creating different types of visualizations like charts, graphs, and infographics and tailoring visuals to different audiences like members of Congress. It also provides examples of effective CBO visualizations and references guidelines for showing data clearly without unnecessary clutter or misrepresentation.
The document summarizes the Congressional Budget Office's (CBO) 10-year economic forecasting process, which involves background analysis, developing a preliminary forecast using macroeconomic models, internal and external review, and producing a final forecast. It also outlines CBO's current economic forecast and the effects that the 2017 tax act is projected to have on economic variables like GDP, inflation, and interest rates.
Federal Laws and Incentives for Natural Gas promoting the use of CNG in Americasharebabies6
The document discusses the Federal Government's efforts to reduce greenhouse gas emissions and promote sustainability. It outlines President Obama's 2010 directive for Federal agencies to reduce direct GHG emissions by 28% and indirect emissions by 13% by 2020. The first Federal Government greenhouse gas inventory found 2010 emissions were 66.4 MMTCO2e, a 2.5 MMTCO2e reduction from 2008. Each year, the Office of Management and Budget releases scorecards holding agencies accountable for meeting sustainability, energy reduction, and emissions targets.
CBO projects that the costs of implementing the Department of Defense’s (DoD’s) 2020 plans will increase over the next 15 years. CBO also projects that the federal deficit, already at historically high levels, will continue to rise. If rising deficits limit the growth of defense budgets, DoD’s spending may be lower than expected. If the costs of personnel and of operation and maintenance continue to rise as they have in past years, funding for developing and purchasing weapons could experience even larger reductions.
Presentation by Ben Page, CBO's Fiscal Policy Studies Unit Chief, at the National Tax Association 108th Annual Conference on Taxation.
In May, the Congress adopted a concurrent resolution on the budget for fiscal year 2016. That resolution requires CBO, to the greatest extent practicable, to incorporate macroeconomic effects into its 10-year cost estimates for major legislation that Congressional committees approve. Such estimates must also include, when practicable, a qualitative assessment of the budgetary effects for the following 20 years. Incorporating such macroeconomic feedback into cost estimates is often called dynamic scoring. This presentation describes how CBO will prepare such estimates.
Federal spending for highways, which takes place largely through grants to state and local governments, has equaled a fairly stable percentage of gross domestic product over the past 30 years. Since 2001, that spending has exceeded the revenues from fuel and other taxes that are credited to the Highway Trust Fund for highway programs. Policymakers have various options for changing the ways in which the federal government spends on highways and raises money to fund those expenditures.
Presentation by Chad Shirley, CBO’s Deputy Assistant Director for Microeconomic Studies, at the Transportation Policy & Finance Summit of the International Bridge, Tunnel and Turnpike Association (IBTTA).
Federal spending on highways (or, synonymously, roads) totaled $46 billion in 2014, roughly a quarter of total public spending on highways. But that spending does not correspond very well with how the roads are used and valued.
This presentation illustrates how spending on highways is related to their use and performance, and it examines three approaches that the Congress could consider to make highway spending more productive.
This document summarizes a presentation given by Peter Fontaine of the Congressional Budget Office on best practices for visualizing and communicating data through visual stories and summaries. It discusses tools for creating different types of visualizations like charts, graphs, and infographics and tailoring visuals to different audiences like members of Congress. It also provides examples of effective CBO visualizations and references guidelines for showing data clearly without unnecessary clutter or misrepresentation.
The document summarizes the Congressional Budget Office's (CBO) 10-year economic forecasting process, which involves background analysis, developing a preliminary forecast using macroeconomic models, internal and external review, and producing a final forecast. It also outlines CBO's current economic forecast and the effects that the 2017 tax act is projected to have on economic variables like GDP, inflation, and interest rates.
Federal Laws and Incentives for Natural Gas promoting the use of CNG in Americasharebabies6
The document discusses the Federal Government's efforts to reduce greenhouse gas emissions and promote sustainability. It outlines President Obama's 2010 directive for Federal agencies to reduce direct GHG emissions by 28% and indirect emissions by 13% by 2020. The first Federal Government greenhouse gas inventory found 2010 emissions were 66.4 MMTCO2e, a 2.5 MMTCO2e reduction from 2008. Each year, the Office of Management and Budget releases scorecards holding agencies accountable for meeting sustainability, energy reduction, and emissions targets.
CBO projects that the costs of implementing the Department of Defense’s (DoD’s) 2020 plans will increase over the next 15 years. CBO also projects that the federal deficit, already at historically high levels, will continue to rise. If rising deficits limit the growth of defense budgets, DoD’s spending may be lower than expected. If the costs of personnel and of operation and maintenance continue to rise as they have in past years, funding for developing and purchasing weapons could experience even larger reductions.
Presentation by Ben Page, CBO's Fiscal Policy Studies Unit Chief, at the National Tax Association 108th Annual Conference on Taxation.
In May, the Congress adopted a concurrent resolution on the budget for fiscal year 2016. That resolution requires CBO, to the greatest extent practicable, to incorporate macroeconomic effects into its 10-year cost estimates for major legislation that Congressional committees approve. Such estimates must also include, when practicable, a qualitative assessment of the budgetary effects for the following 20 years. Incorporating such macroeconomic feedback into cost estimates is often called dynamic scoring. This presentation describes how CBO will prepare such estimates.
This presentation provides an overview of the Congressional Budget Office’s most recent budget and economic projections, which were published on August 21. In those projections, the federal budget deficit is nearly $1 trillion in 2019 and averages $1.2 trillion each year between 2020 and 2029. Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 95 percent of gross domestic product (GDP) in 2029.
Real GDP is projected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. Economic growth is projected to slow to an average of 1.8 percent through 2029, which is less than the long-term historical average. That slowdown occurs primarily because the labor force is expected to grow more slowly than it has in the past.
Presentation by Keith Hall, CBO Director, at the Peter G. Peterson Foundation’s 2016 Fiscal Summit.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to CBO’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
To analyze the state of the budget in the long term, CBO has extrapolated its 10-year baseline projections an additional two decades. If current laws governing taxes and spending remain in place, the outlook for the budget would steadily worsen over the long term, with revenues falling well short of spending. CBO is in the process of completing a detailed update of its long-term projections; but in January the agency did a simplified update. On that basis, budget deficits are projected to rise steadily and federal debt held by the public is projected to exceed 130 percent of GDP by 2040.
To put the federal budget on a sustainable path for the long term, lawmakers would have to make major changes to tax policies, spending policies, or both – by reducing spending for large benefit programs below the projected amounts, letting revenues rise more than they would under current law, or adopting some combination of those approaches. The size of such changes would depend on the amount of federal debt that lawmakers considered appropriate.
Presentation by Jeff Werling, Assistant Director, Macroeconomic Analysis Division, for the REALTOR® University Speaker Series.
In fiscal year 2016, for the first time since 2009, the federal budget deficit increased in relation to the nation’s economic output. The Congressional Budget Office projects that over the next decade, if current laws remained generally unchanged, budget deficits would eventually follow an upward trajectory—the result of strong growth in spending for retirement and health care programs targeted to older people and rising interest payments on the government’s debt, accompanied by only modest growth in revenue collections. Those accumulating deficits would drive debt held by the public from its already high level up to its highest percentage of gross domestic product (GDP) since shortly after World War II.
Presentation by Derek Trunkey, an analyst in CBO’s National Security Division, at the 91st Annual Conference of the Western Economic Association International.
The Department of Defense’s (DoD’s) operation and maintenance (O&M) account funds the department’s day-to-day operations ranging from equipment maintenance to health care. Over the past few decades, funding for O&M has been increased significantly, accounting for a growing share of DoD’s budget.
The programs funded through the Highway Trust Fund are currently authorized through 2021. Activities funded through the Airport and Airway Trust Fund are currently authorized through 2023.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, at the Vision Strategic Planning Forum.
The Department of Defense’s estimates of the costs of the 2016 Future Years Defense Program (FYDP) exceed limits set forth in the Budget Control Act of 2011 by a total of $107 billion (in 2016 dollars) from 2017 to 2020. CBO projects a steep increase in acquisition costs starting in 2021, suggesting that weapons development and procurement is being deferred until beyond the FYDP period.
CBO regularly publishes economic projections that are consistent with current law—providing a basis for its estimates of federal revenues, outlays, deficits, and debt. A key element in CBO’s projections is its forecast of potential (maximum sustainable) output, which is based mainly on estimates of the potential labor force, the flow of services from the capital stock, and potential total factor productivity in the nonfarm business sector. This presentation describes CBO’s most recent 10-year economic projections and the methods used to produce them. It also describes how economic developments since the financial crisis and the recession of 2007–2009 have led CBO to revise its projections of productivity and growth in potential output and discusses ways in which the agency is working to improve its methods.
Presentation by Robert Shackleton, an analyst in CBO’s Macroeconomic Analysis Division, at the NABE Foundation's 14th Annual Economic Measurement Seminar.
Presentation by Deborah Kilroe, Associate Director for Communications at CBO, at the Fourth Annual Global Network of Parliamentary Budget Officers Assembly.
CBO continually strives to make its work more accessible on its website and social media platforms. This presentation provides an overview of the significant innovations that CBO has implemented in recent years to enhance the online presentation and accessibility of the agency’s work.
Presentation by Sarah Puro, Principal Analyst in CBO’s Budget Analysis Division, at the Transportation Research Board’s annual conference.
The Fixing America’s Surface Transportation Act was signed into law on December 4, 2015. The bill provided $281 billion in contract authority for surface transportation programs through 2020. Under provisions of the bill, CBO estimates, the Highway Trust Fund will be able to meet obligations through 2020.
Presentation by Wendy Edelberg, CBO’s Assistant Director for Macroeconomic Analysis, at the University of Michigan’s 63rd Annual Economic Outlook Conference.
Under current law, CBO expects economic activity to expand modestly this year, to grow at a more solid pace in 2016 and 2017, and then to moderate in subsequent years.
Best practice products from the PBO Networks - Ales Delakorda, Slovenian Fisc...OECD Governance
This presentation was made by Ales Delakorda, Slovenian Fiscal Council, at the 11th Meeting of OECD PBO & IFIs held in Lisbon, Portugal, on 4-5 February 2019
This document summarizes a Congressional Budget Office report projecting the costs of U.S. nuclear forces from 2015 to 2024. It estimates that nuclear forces will cost $348 billion over the 10 year period, with the Departments of Defense and Energy spending $227 billion and $121 billion respectively. The largest costs are for ballistic missile submarines at $83 billion, intercontinental ballistic missiles at $26 billion, and bombers at $40 billion. Costs are projected to grow beyond original budget estimates by $49 billion over the period.
The document summarizes the Congressional Budget Office's analysis of the current economic outlook and various fiscal policy options. It finds that while policies like tax cuts could provide stimulus in the short-term, they would also increase the federal debt which is already at high levels relative to GDP. For both stimulus and long-term sustainability, policies are needed that widen the deficit now but reduce it in future years relative to current projections. The CBO provides estimates of various options' effects on output, employment, and debt levels over different time periods.
This document summarizes a presentation by the Congressional Budget Office (CBO) about federal grants to state and local governments for infrastructure investment. It provides data on federal nondefense investment in physical capital, education, and research from 1962 to 2017. It also shows that while the federal government accounts for the majority of transportation and water infrastructure spending, state and local governments select projects within federal rules. Research estimates that state and local governments substitute around 0.2 to 1.3 of their own spending for each additional dollar of federal highway grants. The CBO has published several reports on topics related to federal investment.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, to the Manpower Roundtable.
If the Congress rejects certain cost-saving proposals of the Administration that it has not accepted in the past, and if costs for weapon systems continue to rise as they have in the past, funding required to implement the Administration’s plans for the Department of Defense would exceed the funding caps set by the Budget Control Act of 2011 by $162 billion (in 2016 dollars) over the 2017–2020 period.
The Congressional Budget Office presentation outlines the budget challenges facing the Department of Defense over the next decade given fiscal constraints. It discusses four approaches to scaling back the DoD's budget plans to close the $60-90 billion annual gap between planned spending and budget caps: 1) preserve force structure but cut acquisition and operations, 2) cut acquisition/operations and phase in force structure reductions, 3) achieve savings primarily through cutting force structure, or 4) reduce force structure under modified budget caps. Specific impacts like reductions in active brigades, carriers, and aircraft squadrons are illustrated under different options.
Presentation by David E. Mosher, Assistant Director for CBO’s National Security Division, at the Professional Services Council’s 2016 Vision Federal Market Forecast Conference.
Pressure on the Department of Defense’s budget in future years will come from external fiscal constraints as well as growth within the department in the costs of weapon systems, manpower, and operation and maintenance. Given those fiscal constraints, if those causes of growth are not addressed, DoD will have to reduce forces, the number of weapons it buys, or operations and readiness.
In preparing its baseline projections of the federal budget, CBO models the budgetary costs of programs that insure single-family mortgages. This slide deck provides an overview of that modeling approach for the largest of those programs: the Federal Housing Administration and the government-sponsored enterprises Fannie Mae and Freddie Mac.
On April 26, 2016, CBO Director Keith Hall discussed CBO’s role in the Congressional budget process and its recent economic and budget projections with members of American University’s Department of Economics.
CBO anticipates that the economy will expand solidly this year and next. Increases in demand for goods and services are expected to reduce the quantity of underused labor and capital, or “slack,” in the economy—reducing the unemployment rate and pushing up compensation. That reduction in slack will also push up inflation and interest rates. Over the following years, CBO projects, output will grow at a more modest pace, constrained by relatively slow growth in the nation’s supply of labor. Nevertheless, in those later years, output is anticipated to grow more quickly than it has during the past decade.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to the Congressional Budget Office’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
Benefits of Putting Carbon Tax in Ohio State 12Benefits.docxAASTHA76
Benefits of Putting Carbon Tax in Ohio State 12
Benefits of Carbon Tax in Ohio State
Sujan Kumar Karki
BSC
Summer 2017
Capstone Advisor: William J. Doyle, Ph D.
Copyright by:
Sujan Kumar Karki
2017
To: Meena and Laba Karki
Acknowledgement
I am forever indebted to by mom Meena Karki and Dad Laba Karki for all the support and sacrifices they have provided me throughout my career. I am thankful to Prof. Dr William J Doyle for his constant support and generosity. I really admire his patience throughout this project. I will always be thankful to my friends Tej Prasad Ghmire, Nikita Dhungel for their motivation, support and guidance for completion of this project.
LIST OF ACRONYMS
ACES: American Clean Energy and Security
CO2: Carbon dioxide
CO: Carbon monoxide
EPA: Environment Protection Agency
GHGs: Greenhouse Gases
GDP: Gross Domestic Product
ATM: Automated Teller Machine
MW: Megawatt
EU ETS: European Union Emissions Trading System
RGGI: Regional Greenhouse Gas Initiative
SCC: Stop Climate Change
Table of Contents
Abstract7
Introduction7
Effects of emissions on climate change10
Industrial processes10
SOLVENTS AND OTHER PRODUCT USE11
Agriculture11
Wastes12
Land use and forestry13
Transportation13
Energy intensity14
CAP- AND- DIVIDEND – The basics16
Permits versus Taxes19
Potential uses of carbon pricing taxes in the state level20
Tax cuts20
Returning money to households or electricity consumers21
Deficit reduction21
Investment in combating climate change21
Transitional assistance22
Carbon Pricing Design Features22
Scope22
Point of regulation23
Reporting and verification23
Setting the price or cap24
Changes in the carbon price over time26
Cost- containment mechanism28
Offsets28
Price ceiling and floors in carbon taxing29
Complimentary policies30
Addressing emissions and sources outside the program scope30
Energy efficiency30
Regulations and standards31
Investing in enabling technologies31
Research and development32
Benefits of EPA standards in Ohio State32
Primary Policy Options34
Next steps35
Conclusion36
References39
Abstract
Ohio is one of the states in the US that advocates the use of a kind of energy that does not cause any effects on the climate change. Due to the diverse effects of climate change many states have created taxes which will take care of the environment. Ohio is the first state in the US that rolled back clean energy mandates when they signed a bill that is called SB 310 to be a state law. The law was backed by deep- pocketed Ohio- based utilities as well as conservative groups. The bill came exactly a week after the EPA announced tough new rules on carbon emissions that were coming from power plants and other industries or factories. Looking at it closely, the impacts on consumers of a cap on carbon emissions are different across the income levels as well as in the different states of the US. This paper is going to look at the benefits ...
Presentation by Nicholas Chase, a Unit Chief in CBO’s Microeconomic Studies Division, to the Department of Energy and the United States Energy Association, Workshop on Macroeconomic Effects of a Low-Carbon Transition.
This presentation provides an overview of the Congressional Budget Office’s most recent budget and economic projections, which were published on August 21. In those projections, the federal budget deficit is nearly $1 trillion in 2019 and averages $1.2 trillion each year between 2020 and 2029. Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 95 percent of gross domestic product (GDP) in 2029.
Real GDP is projected to grow by 2.3 percent in 2019, supporting strong labor market conditions that feature low unemployment and rising wages. Economic growth is projected to slow to an average of 1.8 percent through 2029, which is less than the long-term historical average. That slowdown occurs primarily because the labor force is expected to grow more slowly than it has in the past.
Presentation by Keith Hall, CBO Director, at the Peter G. Peterson Foundation’s 2016 Fiscal Summit.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to CBO’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
To analyze the state of the budget in the long term, CBO has extrapolated its 10-year baseline projections an additional two decades. If current laws governing taxes and spending remain in place, the outlook for the budget would steadily worsen over the long term, with revenues falling well short of spending. CBO is in the process of completing a detailed update of its long-term projections; but in January the agency did a simplified update. On that basis, budget deficits are projected to rise steadily and federal debt held by the public is projected to exceed 130 percent of GDP by 2040.
To put the federal budget on a sustainable path for the long term, lawmakers would have to make major changes to tax policies, spending policies, or both – by reducing spending for large benefit programs below the projected amounts, letting revenues rise more than they would under current law, or adopting some combination of those approaches. The size of such changes would depend on the amount of federal debt that lawmakers considered appropriate.
Presentation by Jeff Werling, Assistant Director, Macroeconomic Analysis Division, for the REALTOR® University Speaker Series.
In fiscal year 2016, for the first time since 2009, the federal budget deficit increased in relation to the nation’s economic output. The Congressional Budget Office projects that over the next decade, if current laws remained generally unchanged, budget deficits would eventually follow an upward trajectory—the result of strong growth in spending for retirement and health care programs targeted to older people and rising interest payments on the government’s debt, accompanied by only modest growth in revenue collections. Those accumulating deficits would drive debt held by the public from its already high level up to its highest percentage of gross domestic product (GDP) since shortly after World War II.
Presentation by Derek Trunkey, an analyst in CBO’s National Security Division, at the 91st Annual Conference of the Western Economic Association International.
The Department of Defense’s (DoD’s) operation and maintenance (O&M) account funds the department’s day-to-day operations ranging from equipment maintenance to health care. Over the past few decades, funding for O&M has been increased significantly, accounting for a growing share of DoD’s budget.
The programs funded through the Highway Trust Fund are currently authorized through 2021. Activities funded through the Airport and Airway Trust Fund are currently authorized through 2023.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, at the Vision Strategic Planning Forum.
The Department of Defense’s estimates of the costs of the 2016 Future Years Defense Program (FYDP) exceed limits set forth in the Budget Control Act of 2011 by a total of $107 billion (in 2016 dollars) from 2017 to 2020. CBO projects a steep increase in acquisition costs starting in 2021, suggesting that weapons development and procurement is being deferred until beyond the FYDP period.
CBO regularly publishes economic projections that are consistent with current law—providing a basis for its estimates of federal revenues, outlays, deficits, and debt. A key element in CBO’s projections is its forecast of potential (maximum sustainable) output, which is based mainly on estimates of the potential labor force, the flow of services from the capital stock, and potential total factor productivity in the nonfarm business sector. This presentation describes CBO’s most recent 10-year economic projections and the methods used to produce them. It also describes how economic developments since the financial crisis and the recession of 2007–2009 have led CBO to revise its projections of productivity and growth in potential output and discusses ways in which the agency is working to improve its methods.
Presentation by Robert Shackleton, an analyst in CBO’s Macroeconomic Analysis Division, at the NABE Foundation's 14th Annual Economic Measurement Seminar.
Presentation by Deborah Kilroe, Associate Director for Communications at CBO, at the Fourth Annual Global Network of Parliamentary Budget Officers Assembly.
CBO continually strives to make its work more accessible on its website and social media platforms. This presentation provides an overview of the significant innovations that CBO has implemented in recent years to enhance the online presentation and accessibility of the agency’s work.
Presentation by Sarah Puro, Principal Analyst in CBO’s Budget Analysis Division, at the Transportation Research Board’s annual conference.
The Fixing America’s Surface Transportation Act was signed into law on December 4, 2015. The bill provided $281 billion in contract authority for surface transportation programs through 2020. Under provisions of the bill, CBO estimates, the Highway Trust Fund will be able to meet obligations through 2020.
Presentation by Wendy Edelberg, CBO’s Assistant Director for Macroeconomic Analysis, at the University of Michigan’s 63rd Annual Economic Outlook Conference.
Under current law, CBO expects economic activity to expand modestly this year, to grow at a more solid pace in 2016 and 2017, and then to moderate in subsequent years.
Best practice products from the PBO Networks - Ales Delakorda, Slovenian Fisc...OECD Governance
This presentation was made by Ales Delakorda, Slovenian Fiscal Council, at the 11th Meeting of OECD PBO & IFIs held in Lisbon, Portugal, on 4-5 February 2019
This document summarizes a Congressional Budget Office report projecting the costs of U.S. nuclear forces from 2015 to 2024. It estimates that nuclear forces will cost $348 billion over the 10 year period, with the Departments of Defense and Energy spending $227 billion and $121 billion respectively. The largest costs are for ballistic missile submarines at $83 billion, intercontinental ballistic missiles at $26 billion, and bombers at $40 billion. Costs are projected to grow beyond original budget estimates by $49 billion over the period.
The document summarizes the Congressional Budget Office's analysis of the current economic outlook and various fiscal policy options. It finds that while policies like tax cuts could provide stimulus in the short-term, they would also increase the federal debt which is already at high levels relative to GDP. For both stimulus and long-term sustainability, policies are needed that widen the deficit now but reduce it in future years relative to current projections. The CBO provides estimates of various options' effects on output, employment, and debt levels over different time periods.
This document summarizes a presentation by the Congressional Budget Office (CBO) about federal grants to state and local governments for infrastructure investment. It provides data on federal nondefense investment in physical capital, education, and research from 1962 to 2017. It also shows that while the federal government accounts for the majority of transportation and water infrastructure spending, state and local governments select projects within federal rules. Research estimates that state and local governments substitute around 0.2 to 1.3 of their own spending for each additional dollar of federal highway grants. The CBO has published several reports on topics related to federal investment.
Presentation by Matthew Goldberg, Deputy Assistant Director for CBO’s National Security Division, to the Manpower Roundtable.
If the Congress rejects certain cost-saving proposals of the Administration that it has not accepted in the past, and if costs for weapon systems continue to rise as they have in the past, funding required to implement the Administration’s plans for the Department of Defense would exceed the funding caps set by the Budget Control Act of 2011 by $162 billion (in 2016 dollars) over the 2017–2020 period.
The Congressional Budget Office presentation outlines the budget challenges facing the Department of Defense over the next decade given fiscal constraints. It discusses four approaches to scaling back the DoD's budget plans to close the $60-90 billion annual gap between planned spending and budget caps: 1) preserve force structure but cut acquisition and operations, 2) cut acquisition/operations and phase in force structure reductions, 3) achieve savings primarily through cutting force structure, or 4) reduce force structure under modified budget caps. Specific impacts like reductions in active brigades, carriers, and aircraft squadrons are illustrated under different options.
Presentation by David E. Mosher, Assistant Director for CBO’s National Security Division, at the Professional Services Council’s 2016 Vision Federal Market Forecast Conference.
Pressure on the Department of Defense’s budget in future years will come from external fiscal constraints as well as growth within the department in the costs of weapon systems, manpower, and operation and maintenance. Given those fiscal constraints, if those causes of growth are not addressed, DoD will have to reduce forces, the number of weapons it buys, or operations and readiness.
In preparing its baseline projections of the federal budget, CBO models the budgetary costs of programs that insure single-family mortgages. This slide deck provides an overview of that modeling approach for the largest of those programs: the Federal Housing Administration and the government-sponsored enterprises Fannie Mae and Freddie Mac.
On April 26, 2016, CBO Director Keith Hall discussed CBO’s role in the Congressional budget process and its recent economic and budget projections with members of American University’s Department of Economics.
CBO anticipates that the economy will expand solidly this year and next. Increases in demand for goods and services are expected to reduce the quantity of underused labor and capital, or “slack,” in the economy—reducing the unemployment rate and pushing up compensation. That reduction in slack will also push up inflation and interest rates. Over the following years, CBO projects, output will grow at a more modest pace, constrained by relatively slow growth in the nation’s supply of labor. Nevertheless, in those later years, output is anticipated to grow more quickly than it has during the past decade.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to the Congressional Budget Office’s estimates. If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
Benefits of Putting Carbon Tax in Ohio State 12Benefits.docxAASTHA76
Benefits of Putting Carbon Tax in Ohio State 12
Benefits of Carbon Tax in Ohio State
Sujan Kumar Karki
BSC
Summer 2017
Capstone Advisor: William J. Doyle, Ph D.
Copyright by:
Sujan Kumar Karki
2017
To: Meena and Laba Karki
Acknowledgement
I am forever indebted to by mom Meena Karki and Dad Laba Karki for all the support and sacrifices they have provided me throughout my career. I am thankful to Prof. Dr William J Doyle for his constant support and generosity. I really admire his patience throughout this project. I will always be thankful to my friends Tej Prasad Ghmire, Nikita Dhungel for their motivation, support and guidance for completion of this project.
LIST OF ACRONYMS
ACES: American Clean Energy and Security
CO2: Carbon dioxide
CO: Carbon monoxide
EPA: Environment Protection Agency
GHGs: Greenhouse Gases
GDP: Gross Domestic Product
ATM: Automated Teller Machine
MW: Megawatt
EU ETS: European Union Emissions Trading System
RGGI: Regional Greenhouse Gas Initiative
SCC: Stop Climate Change
Table of Contents
Abstract7
Introduction7
Effects of emissions on climate change10
Industrial processes10
SOLVENTS AND OTHER PRODUCT USE11
Agriculture11
Wastes12
Land use and forestry13
Transportation13
Energy intensity14
CAP- AND- DIVIDEND – The basics16
Permits versus Taxes19
Potential uses of carbon pricing taxes in the state level20
Tax cuts20
Returning money to households or electricity consumers21
Deficit reduction21
Investment in combating climate change21
Transitional assistance22
Carbon Pricing Design Features22
Scope22
Point of regulation23
Reporting and verification23
Setting the price or cap24
Changes in the carbon price over time26
Cost- containment mechanism28
Offsets28
Price ceiling and floors in carbon taxing29
Complimentary policies30
Addressing emissions and sources outside the program scope30
Energy efficiency30
Regulations and standards31
Investing in enabling technologies31
Research and development32
Benefits of EPA standards in Ohio State32
Primary Policy Options34
Next steps35
Conclusion36
References39
Abstract
Ohio is one of the states in the US that advocates the use of a kind of energy that does not cause any effects on the climate change. Due to the diverse effects of climate change many states have created taxes which will take care of the environment. Ohio is the first state in the US that rolled back clean energy mandates when they signed a bill that is called SB 310 to be a state law. The law was backed by deep- pocketed Ohio- based utilities as well as conservative groups. The bill came exactly a week after the EPA announced tough new rules on carbon emissions that were coming from power plants and other industries or factories. Looking at it closely, the impacts on consumers of a cap on carbon emissions are different across the income levels as well as in the different states of the US. This paper is going to look at the benefits ...
Presentation by Nicholas Chase, a Unit Chief in CBO’s Microeconomic Studies Division, to the Department of Energy and the United States Energy Association, Workshop on Macroeconomic Effects of a Low-Carbon Transition.
WRI - Seeing is Believing: Creating a New Climate Economy in the United StatesMarcellus Drilling News
A so-called report by the World Resources Institute that purports to show that adopting alternative energy sources and drastically reducing carbon emissions from sources like coal and reducing methane emissions from natural gas will lead to not only a better environment but a better economy--instead of financial hardship and misery. A fariy tale, essentially.
This document is a capstone project proposal submitted by Madiha Ali and approved by her supervisor Dr. Robert Mansell. The proposal examines the effectiveness of carbon pricing policies in Alberta and British Columbia by comparing emissions intensity trends in sectors like oil and gas, electricity, transportation, and buildings. It will use a difference-in-difference estimation approach with Saskatchewan as the control province to study the real mitigation effects. The proposal outlines the background on carbon taxes in BC and Alberta's carbon levy, presents a literature review on carbon pricing policies, and describes the methodology and data sources that will be used. The results will help recommend policy improvements to achieve greater emissions reductions.
Colgate has a goal to reduce absolute carbon dioxide (CO2) emissions by 5% by 2010 from a 2002 baseline. The primary source of CO2 emissions in Colgate's supply chain comes from energy use at manufacturing, warehouse, office and research facilities. Direct sources include on-site fuel combustion while indirect sources are from purchased electricity. Over 72% of CO2 emissions are from purchased electricity. To achieve emissions reduction goals, sites are expected to set goals, conduct energy assessments, implement energy projects, and evaluate renewable energy options. Reducing energy use through efficiency improvements is key to lowering the carbon footprint.
The document summarizes the findings of an interagency working group on estimating the social cost of carbon (SCC) to be used in cost-benefit analyses of U.S. federal regulations. Key points:
- The group developed estimates for the SCC in 2010 dollars per metric ton of CO2 for years 2010-2050 using three integrated assessment models and considering uncertainty and updated modeling.
- Four SCC estimates were selected for regulatory analysis, ranging from $5 to $65 per ton in 2010, increasing over time.
- The estimates are intended to reflect the economic damages of climate change and be updated periodically as scientific and economic understanding improves.
an-analysis-of-the-carbon-limits-and-energy-for-america2019s-renewal-clear-ac...Eric Williams
The document analyzes and compares the Carbon Limits and Energy for America's Renewal (CLEAR) Act cap-and-trade program to the Waxman-Markey bill analyzed by the EIA. Key findings include:
1) CLEAR allowance prices are estimated to be equal to the price ceiling from 2012-2030, while Waxman-Markey prices grow at a lower rate.
2) CLEAR results in higher cumulative CO2 emissions from 2012-2030 compared to Waxman-Markey due to the constraining price ceiling.
3) CLEAR GHG emissions in 2030 are estimated to be 5% below 2005 levels, while Waxman-Markey
U.S. Congress is currently developing major energy legislation aimed a reducing greenhouse gas emissions though a Cap & Trade regime for the first time in history. In the summer of 2009, the House of Representatives passed the American Clean Energy and Security Act of 2009, also known as the Waxman-Markey Bill. Action now has move to the Senate. If enacted, this sweeping energy reform could significantly affect both the cost and sources of energy that fuel the U.S. economy as well as the international competitiveness of U.S. industry. This session will address some of the key issues currently being debated in the Senate concerning the design of a clean energy and climate bill, such as the potential role of low- and no-carbon technologies, the use of domestic and international offsets, and other cost containment measures. The potential economic impacts of climate change policy on the future of the U.S. economy will also be discussed.
Etude PwC Low Carbon Economy Index (oct. 2015)PwC France
L'année 2014 a marqué un tournant en matière de réduction des émissions de carbone dans les économies du G20. C’est ce que révèle le cabinet d’audit et de conseil PwC dans la 7ème édition de son étude annuelle « Low carbon Economy index », qui modélise l'intensité carbone des grandes économies – à savoir les émissions des gaz à effet de serre liées à la consommation d'énergie par million de dollars de PIB. En effet, l'intensité carbone a chuté de 2,7% en 2014, soit sa plus forte baisse depuis 2000.
La France fait office d’exemple : elle a réduit son intensité carbone de plus de 9% en 2014, ce qui représente la 2ème plus forte réduction des pays du G20, juste derrière le Royaume-Uni (- 10,9%).
This report provides information on policies to reduce greenhouse gas (GHG) emissions in Vermont.1 It considers both carbon pricing policies, such as carbon taxes or cap-and-trade programs, and nonpricing policies, such as electric vehicle (EV) and energy efficiency incentives, weatherization programs and investments in low-carbon agriculture. This study aims to inform the policy dialogue but is not intended to address the complete universe of policy options. The key findings are presented below.
Nic Rivers, Canada Research Chair in Climate and Energy Policy, University of...Sustainable Prosperity
British Columbia implemented a carbon tax in 2008 that has increased over time. The tax raises about $1.2 billion annually, which is used to lower personal and corporate income taxes, making BC's taxes among the lowest. Studies found the tax responsible for a 5-15% reduction in greenhouse gas emissions with no impact on overall GDP growth. While some sectors like manufacturing contracted by 5-7%, the tax led to a shift to cleaner sectors and the creation of about 5,000 new jobs per year. The tax was designed to offset costs for low-income households but evidence is mixed on how well it compensates them. Support for the tax has risen over time but remains lowest in older, rural males.
A Comparison of cap-and-trade vs. carbon tax regulation (December 2013)Ira Shatzmiller
This document provides an overview and comparison of different policy mechanisms for reducing greenhouse gas emissions, including command-and-control regulations, carbon taxes, and cap-and-trade systems. It discusses how both carbon taxes and cap-and-trade systems use a price on carbon to incentivize emissions reductions, but differ in whether they set a fixed price (tax) or fixed quantity (cap). While each approach has advantages and disadvantages depending on design, the document concludes that with proper design specifics, the two could achieve equivalent emissions reductions.
The Implementation of Carbon Tax for Coal-Fired Steam Power Plant.pdfAHRP Law Firm
The ratification of Paris Convention through Law Number 6 of 2016 shows the readiness of Indonesia to get on board in mitigating climate change. In the early stages of its effort to combat climate change, Indonesia is implementing Carbon Tax in its ‘Cap and Trade’ Mechanism for coal-fire steam power plants. By taxing carbon emissions, the Indonesian government is encouraging the adoption of a cleaner and more sustainable business practices as it places the financial burden on coal-fire steam power plants in the hope of transitioning towards a greener economy and fostering environmental responsibility.
This document provides a summary of a research paper analyzing the effects of environmental policy on the economy. Specifically, it examines implementing a carbon tax and reducing output subsidies for fossil fuels in Canada and surrounding regions. It finds that a carbon tax is effective at reducing greenhouse gas emissions with a slight positive impact on the economy. Emissions reductions also occur through carbon trading, which allows countries to trade emissions quotas. The research utilizes a GTAP model to analyze the economic and environmental impacts of different greenhouse gas policies.
EPA's Clean Power Plan: Basics and Implications of the Proposed CO2 Emissions...The Brattle Group
This presentation outlines:
- Key Aspects of the Proposed Rule
- EPA’s Projected Changes in Emissions and Fuel Use
- Wholesale Electricity Price Impacts
- Implications for Asset Values
Design of Pareto optimal CO2 cap-and-trade policies for de.docxcarolinef5
Design of Pareto optimal CO2 cap-and-trade policies for deregulated electricity
networks
h i g h l i g h t s
A mathematical–statistical model for designing Pareto optimal CO2 cap-and-trade policies.
The model fills a gap in the current literature that primarily supports cap-and-trade policy evaluation but not policy design.
Pareto optimal policies accommodate conflicting goals of the market constituents.
Electricity demand-price sensitivity and social cost of carbon have significant influence on the cap-and-trade policies.
Higher demand-price sensitivity increases the influence of penalty and social cost of carbon on reducing carbon emissions.
a r t i c l e i n f o a b s t r a c t
Article history:
Received 15 August 2013
Received in revised form 2 January 2014
Accepted 4 January 2014
Keywords:
Electricity networks
Cap-and-trade
Game theory
MPEC/EPEC
Among the CO2 emission reduction programs, cap-and-trade (C&T) is one of the most used policies. Economic studies have
shown that C&T policies for electricity networks, while reducing emissions, will likely increase price and decrease consumption
of electricity. This paper presents a two layer mathematical– statistical model to develop Pareto optimal designs for CO2 cap-
and-trade policies. The bottom layer finds, for a given C&T policy, equilibrium bidding strategies of the competing generators
while maximizing social welfare via a DC optimal power flow (DC-OPF) model. We refer to this layer as policy evaluation.
The top layer (called policy optimization) involves design of Pareto optimal C&T policies over a planning horizon. The
performance measures that are considered for the purpose of design are social welfare and the corresponding system marginal
price (MP), CO2 emissions, and electricity consumption level.
2014 Elsevier Ltd. All rights reserved.
1. Introduction
A major part of the total CO2 emissions come from the electricity
production sector, e.g., 40% in the U.S. ([1]). In 2009, 70% of the electricity
was produced from fossil fuel such as gas, coal, and petroleum ([2]). In 2005,
the European Union Emissions Trading System (EU ETS) launched a cap-
and-trade system that seeks to reduce the greenhouse gas (GHG) emissions
by 21% by 2020 from the 2005 level. Currently, the EU ETS is the largest
emission market in the world [3], and according to the European Commission
[4], at least 20% of its budget for 2014–2020 will be spent on climate-related
projects and policies. In the United States, as well as in the EU, different
regulations have been discussed to cut CO2 emissions such as carbon tax,
renewable portfolio standards (RPS), and capand-trade programs (C&T). In
the northeastern U.S., the Regional Greenhouse Gas Initiative (RGGI) has
already implemented a C&T program through a nine state collaborative effort,
which seeks to cut the CO2 emissions by 10% by 2018. Recently the
California Air Resources Board .
Developing Effective and Viable Policies for GHG MitigationJenkins Macedo
This document summarizes a report by the World Resources Institute on U.S. greenhouse gas emissions and policies to reduce them. The report finds that without new federal action, U.S. emissions will increase and the country will fail to meet its commitment to reduce emissions 17% by 2020. It recommends that the EPA pursue substantial reductions from power plants and natural gas using Clean Air Act authority. States should also complement federal policies. However, new federal legislation will likely be needed to achieve long-term reductions of over 80%. The document discusses debates around different policy approaches and criteria for effective policies.
CBO analyzes how climate change and climate policy affect the US economy and federal budget. It projects that climate change will gradually reduce real GDP growth and lower GDP by 1% in 2050 versus no climate change. It estimates effects on growth from changes in weather patterns and increased hurricane damage. A $25/ton carbon tax, rising 2% annually, would reduce greenhouse gas emissions while raising $66 billion initially, growing to $127 billion in revenues by 2028.
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The findings in this report highlight some of the key factors shaping the experiences and vulnerabilities of young people on the move – particularly their proximity to border spaces and how this affects the risks that they face. The report describes strategies that young people on the move employ to remain below the radar of visibility to state and non-state actors due to fear of arrest, detention, and deportation while also trying to keep themselves safe and access support in border towns. These strategies of (in)visibility provide a way to protect themselves yet at the same time also heighten some of the risks young people face as their vulnerabilities are not always recognised by those who could offer support.
In this report we show that the realities and challenges of life and migration in this region and in Zambia need to be better understood for support to be strengthened and tuned to meet the specific needs of young people on the move. This includes understanding the role of state and non-state stakeholders, the impact of laws and policies and, critically, the experiences of the young people themselves. We provide recommendations for immediate action, recommendations for programming to support young people on the move in the two towns that would reduce risk for young people in this area, and recommendations for longer term policy advocacy.
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Recordings are on YouTube and the company website.
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How Carbon Dioxide Emissions Would Respond to a Tax
1. Presentation to the Carbon Tax Study Group
PricewaterhouseCoopers
February 17, 2022
Ron Gecan
Microeconomic Studies Division
How Carbon Dioxide Emissions
Would Respond to a Tax
Information in this presentation comes from Ron Gecan, How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update, Working Paper 2021-16
(Congressional Budget Office, December 2021), www.cbo.gov/publication/57580.
2. 1
a. Congressional Budget Office, How CBO Estimates the Costs of Reducing Greenhouse-Gas Emissions (April 2009), www.cbo.gov/publication/41745; and Mark Lasky,
The Economic Costs of Reducing Emissions of Greenhouse Gases: A Survey of Economic Models, Technical Paper 2003-03 (Congressional Budget Office, May 2003),
www.cbo.gov/publication/14414.
CBO and the staff of the Joint Committee on Taxation projected the budgetary effects and
the change in emissions of carbon dioxide (CO2) and other greenhouse gases (GHGs) that
would stem from a potential tax on those emissions.
The sensitivity of energy-related CO2 emissions to a tax-induced change in the price of
those emissions is a key input into the modeling of the budgetary effects of a potential tax.
CBO examined the sensitivity of CO2 emissions in 2020 in three broad sectors: electric
power, transportation, and a composite of the residential, commercial, and industrial
sectors.
That analysis of sectoral price sensitivities extends work CBO previously published in 2003
and 2009.a
Background
3. 2
Trends in U.S. Emissions of Carbon
Dioxide and Other Greenhouse Gases
4. 3
Source: Figure 1 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update, www.cbo.gov/publication/57580.
U.S. Greenhouse Gas Emissions, 1990 to 2019
5. 4
Source: Figure 2 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update, www.cbo.gov/publication/57580.
Distribution of Energy-Related Emissions of Carbon Dioxide
in the United States, by Sector, 2019
7. 6
CBO surveyed the results of 11 carbon tax analyses.
Ten of those analyses came from an evaluation of carbon taxes conducted as part of the
2017 Energy Modeling Forum (EMF-32). Participants examined four carbon tax policies:
▪ A tax that started at $25 per metric ton of CO2 and grew in real (inflation-adjusted) terms at
1 percent annually.
▪ A tax that started at $25 per metric ton of CO2 and grew in real terms at 5 percent annually.
▪ A tax that started at $50 per metric ton of CO2 and grew in real terms at 1 percent annually.
▪ A tax that started at $50 per metric ton of CO2 and grew in real terms at 5 percent annually.
The 11th analysis was based on carbon tax cases from the Energy Information Administration’s
2020 Annual Energy Outlook (AEO). That analysis considered three carbon taxes, which started at
$15, $25, and $35 per metric ton of CO2 and grew in real terms at 5 percent annually.
How CBO Estimated the Sensitivity of CO2 Emissions to a Tax
8. 7
The price of embedded CO2 is the average price that final purchasers of fossil fuels (or electricity)
implicitly pay for the CO2 that is emitted when the fuels are burned. Based on information in the
AEO 2020, current prices are approximately as follows:
▪ $135 per metric ton in the electric power sector
▪ $310 per metric ton in the transportation sector
▪ $100 per metric ton in the composite sector
A tax on CO2 emissions would raise the price of fossil fuels (oil, coal, and natural gas) and
increase the price of embedded CO2 in those fuels. That increase would in turn cause consumers
and businesses to switch to lower-carbon fuels, invest in energy-efficient upgrades, or reduce
fossil fuel purchases, among other options.
For each model and policy observation, CBO calculated a baseline price of embedded CO2 and
compared how a tax-induced change in that price would affect emissions.
How CBO Determined the Price of Embedded Carbon Dioxide
9. 8
Source: Figure 3 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update, www.cbo.gov/publication/57580.
Distribution of Price Sensitivities of Energy-Related Emissions of
Carbon Dioxide in Models Surveyed, by Sector
10. 9
Source: Figure 4 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update, www.cbo.gov/publication/57580.
CBO’s Prior and Updated Estimates of Price Sensitivities of
Energy-Related Emissions of CO2 in the Electric Power Sector
11. 10
Source: Figure 5 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update, www.cbo.gov/publication/57580.
Projections of Electricity Supply in the Electric Power Sector,
by Fuel, 2017 to 2030
12. 11
Source: Figure 4 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update, www.cbo.gov/publication/57580.
CBO’s Prior and Updated Estimates of Price Sensitivities of
Energy-Related Emissions of CO2 in Other Sectors
13. 12
Effects of the Price Sensitivity Update
on Carbon Dioxide Emissions and
Projected Tax Revenues
14. 13
Estimates are based on a tax of $25 per metric ton on most emissions of greenhouse gases in the United States (in carbon dioxide equivalent units) starting in 2021
and growing at an inflation-adjusted rate of 5 percent per year. Source: Figure 6 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update,
www.cbo.gov/publication/57580.
Effect of Price Sensitivity Update on Energy-Related Emissions of
Greenhouse Gases From a Potential Tax on Those Emissions
15. 14
Estimates are based on a tax of $25 per metric ton on most emissions of greenhouse gases in the United States (in carbon dioxide equivalent units) starting in 2021
and growing at an inflation-adjusted rate of 5 percent per year. Source: Figure 9 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update,
www.cbo.gov/publication/57580.
Effect of Price Sensitivity Update on Energy-Related
Emissions of CO2 From a Potential Tax on Those Emissions
16. 15
Estimates are based on a tax of $25 per metric ton on most emissions of greenhouse gases in the United States (in carbon dioxide equivalent units) starting in 2021
and growing at an inflation-adjusted rate of 5 percent per year. Source: Figure 8 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update,
www.cbo.gov/publication/57580.
Effect of Price Sensitivity Update on Gross Revenues From a
Potential Tax on Energy-Related Emissions of Greenhouse Gases
17. 16
Estimates are based on a tax of $25 per metric ton on most emissions of greenhouse gases in the United States (in carbon dioxide equivalent units) starting in 2021
and growing at an inflation-adjusted rate of 5 percent per year. Source: Figure 7 in How Carbon Dioxide Emissions Would Respond to a Tax or Allowance Price: An Update,
www.cbo.gov/publication/57580.
Effect of a Potential Tax on Energy-Related Emissions of
Carbon Dioxide, by Sector