Although the United States hasn't adopted a nationwide carbon tax, California and Washington state have. Instead, all misleadingly refer to it as a 'cap-and-invest' program: The state sets a limit, or cap, on carbon emission for a given year, then auctions off the rights to emit to the highest bidders.
New York still hasn't released the details of its cap-and-invest program, but Hochul administration officials estimate it will raise between $6 billion and $12 billion per year by 2030 - a breathtaking sum compared to the ill-fated New York City congestion fee, which was expected to raise $1 billion per year.
As Albany clamps down on carbon emissions over time and the carbon tax increases, prices will increase much more. The state promises that the program will create jobs, invest in disadvantaged communities and preserve competitiveness.
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