Climate Change Hurting Econ, Revenue Nuetral Carbon Tax Can Give BI back to poor families-

One key component of the federal carbon tax is that it’s revenue-neutral, similar to the policy proposal from Citizens’ Climate Lobby. All the taxed money will be distributed back to the provinces from which they were generated. The provinces will in turn rebate about 90% the revenues back to individual taxpayers. The rebates are anticipated to exceed the increased energy costs for about 70% of Canadian households. For example, a Manitoba family will receive a $336 rebate in 2019 compared to its increased costs of $232. A similar family in Saskatchewan will receive $598 compared to its higher costs of $403. In Ontario, families will receive $300 to offset its $244 in carbon taxes. And in New Brunswick a $248 rebate more than offsets the average household cost of $202. The rebates will more than double by 2022 as the carbon tax rises, and the net financial benefit to households will grow over time. (Link Omited) The remaining 10% of the tax revenue will provide support to particularly affected sectors like schools, hospitals, small businesses, colleges, and indigenous communities. Diesel-fired electricity generation in remote communities and aviation fuel in the territories will receive full exemption from the carbon tax. The Canadian government recognizes that climate change impacts are expensive: Climate change has already had financial impacts on Canada, and these costs will only continue to grow. In 2016, it was estimated that larger and more intense weather events will cost the federal Disaster Financial Assistance Arrangements program around $902 million each year. The health costs of extreme weather are estimated to be over $1.6 billion a year. The cost of property damages from climate change averaged $405 million per year between 1983 and 2008, but have risen dramatically to $1.8 billion a year since 2009. That number is expected to grow as high as $43 billion by 2050. It would be cheaper to reduce those costs by slowing global warming than to pay for increasingly extreme weather damages. With this carbon tax, Canada is recognizing that reality, and in fact is offsetting the financial impact on its taxpayers by returning the revenue to households. This is an approach that studies have shown can boost the economy because disposable income rises due to the rebate exceeding increased energy costs for 70% of Canadians.