The New York Times reports:

Some House and Senate Democrats, smarting from a move by Senator Joe Manchin III, Democrat of West Virginia, to kill a major element of President Biden’s climate plan, are switching to Plan B: a tax on carbon dioxide pollution.

A carbon tax, in which polluting industries would pay a fee for every ton of carbon dioxide they emit, is seen by economists as the most effective way to cut the fossil fuel emissions that are heating the planet.

The almost certain demise of the clean electricity program at the heart of Mr. Biden’s agenda — which comes as scientists say forceful policies are needed to avert climate change’s most devastating impacts — has prompted outrage among many Democrats and has led several to say now is the moment for a carbon tax.

“I’ve had a carbon pricing bill in my desk for the last three years just waiting for the time,” said Senator Ron Wyden, Democrat of Oregon, chairman of the Senate Finance Committee.

“What has been striking is the number of senators who’ve come to me about this since early fall — after Louisiana got clobbered with storms, the East Coast flooding, the Bootleg wildfires here in my own state,” said Mr. Wyden, speaking by telephone on Saturday from Oregon. “Now there are a number of senators, key moderate senators, who’ve said they’re open to this. And a lot of House folks who have said they would support it if the Senate sends it over.”

But a carbon tax can be politically explosive. Industries could pass along their higher costs, leaving President Biden and fellow Democrats vulnerable to claims that they are raising taxes on the middle class, at a moment when inflation and energy prices are rising. Environmental justice advocates say a carbon tax permits companies to continue polluting, albeit at a higher cost, which disproportionately harms low-income communities. And it is unclear if Mr. Manchin, whose vote is crucial to Mr. Biden’s legislative agenda, would support a carbon tax. [Continue reading…]