Tomorrow, North America’s only Carbon tax will increase by $5. British Columbia’s carbon tax was introduced July 1st 2008 at $10/tonne by the right of centre BC Liberals. Every year the carbon tax increases by $5 until the tax reaches a maximum of $30/tonne which it will do tomorrow July 1st. The tax, designed to be revenue neutral, is offset by reductions in income and corporate tax rates.
Two things are worth noting, First, despite what some critics might fear the carbon tax has not ruined BC’s economy. Second, at the modest rate of $30/tonne any reductions of GHG emissions will be modest as well.