Carbon tax will send fuel and heating bills soaring

www.independent.ie

HOMEOWNERS can expect the cost of heating their homes and fuelling their cars to increase by hundreds of euro a year if the Government introduces a carbon tax in the December Budget.

The ESRI said yesterday that if a carbon tax of €20 per tonne is introduced, householders should expect a sharp rise in their annual fuel bills — but that the money raised should be used to reduce income tax rates.

Up to €500m a year would be generated through a carbon tax, it said, but the revenue should not be used to top-up depleted Government coffers.

Instead, the economic think-tank says the money should be used to reduce income tax rates and PRSI levies to help restore Ireland’s competitiveness.

“Revenues should be used to offset income or labour taxes to aid competitiveness with a share set aside to help the vulnerable,” the authors of ‘Policy Options to Reduce Ireland’s Greenhouse Gas Emissions’ said. Read full article…

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