Washington State's Carbon Tax Initiative 732: Voters to Decide in November
Washington state voters will decide in November 2022 on Initiative 732, a state-wide carbon tax proposal that aims to reduce sales taxes and provide rebates for low-income households. If passed, Washington would become the first U.S. state to tax carbon emissions.
Initiative 732 proposes a $30 per ton CO2 tax, which could increase average electricity costs in the United States by 6.4%. However, the actual impact on electricity prices is complex and varies. The Department of Commerce's Carbon Tax Analysis Model estimates a 5.3% increase in average retail electricity rates with a $30 tax in 2020, close to the average change in generation cost.
The 'No on 732' campaign claims a 20% increase in electricity prices by 2020. However, no specific companies or organizations backing this claim have been identified. The initiative's supporters argue that the impact on electricity prices depends more on how revenues are used than the tax level itself.
Voters in Washington state will decide on Initiative 732, which could increase electricity prices by up to 6.4%. The 'No on 732' campaign's claim of a 20% increase remains unconfirmed. Regardless, the initiative's fate will depend on voters' views on carbon taxation and the use of revenues.
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