June 6th -- a letter from Chicago in response to Cap and Trade

"You correctly point out that Congress prefers cap and trade as a way to "do something" about global warming without (directly) raising taxes on voters and facing the political heat of their convictions. The bonus is that, with future auctions, Congress will get new revenue anyway! I'd like to suggest an amendment to Warner-Lieberman, and it will apply as well to any proposed direct carbon tax system: All revenue received by the government through greenhouse gas emission credit auctions (or direct carbon tax receipts) will be rebated to U.S. taxpayers in proportion to their prior year income-tax burden.

"Let us debate the costs and benefits of global warming action without the bias of increased revenue and power to influence our lawmakers. maybe then we can expect a more honest scientific and economic discussion."