Looks like all Democrats may not support Biden's raising of corporate taxes / infrastructure bill. With Republicans probably against it, just one no vote from a Democrat would kill the bill.
I got to thinking, maybe they should spread the tax over a wider base of revenue sources. Raise corporate tax slightly less, but add a gas tax. Also a tax on high income individuals. Small taxes in all these areas.
Basically a gas tax is a carbon tax. Yes, a true carbon tax covers all carbon fuels, but gasoline is one of the worst. We already have a gas tax. The federal gas tax hasn't been raised in years so it could go up a bit. A new tax, such as a carbon tax, might be harder to pass.
Just raise the gas tax a few pennies. 2 or 3 cents a gallon? These kind of taxes can be regressive so proposed carbon taxes have included complex systems for rebating money to low income people. Often the proposals fail due, in part, to complexity of measures to try and mitigate the impact on low income and essential workers.
Maybe just a small tax is the answer. Keep it simple.
Just a few pennies wouldn't stop climate change, but it's better than nothing. Keeping it low is a simple way to address the regressive nature of such a tax.
Over time, it could be raised. Anti tax people don't like the idea of a tax raising over time. They see it as the camel putting his nose under the tent and then ratcheting it up.
If global warming is as serious as some scientists think, a tax that ratchets up might be the least of our problems.
One problem with any tax change is how hard it is to get anything through the Senate. If we can get enough Senators on board and use the reconciliation tool against filibuster, we might be able to raise modest taxes. If this were the case, the taxes wouldn't have to be the be all and end all solution.
Easier passage through the Senate would allow things to be adjusted on an ongoing basis. This could include taxes as well as infrastructure improvements and strategies for dealing with climate change. It wouldn't have to be the one do or die one big time solution.
We really need to take care of these things as we go along.
As for a tax on wealthy individuals, that could direct a corporation's capital to better uses. Corporations sometimes use much of their money to pad the incomes of their top executives / stockholders. Other times, they invest it in things, like new buildings or scientific research, to improve their products and services.
If the corporation is using it's money to improve it's product and service, that's not necessarily bad, but if the money is mostly going to personal income of the folks on top, it should be more taxed.
Maybe it's easier to sort that out as a personal income / wealth, or even / inheritance tax than as a business / corporate income tax.