Tax Aspects of a Cap-and-Trade System, Hearing Before the United States Senate Committee on Finance, One Hundred Tenth Congress, Second Session, April 24, 2008 [open pdf - 4MB]
From the opening statement of Max Baucus: "We have asked our witnesses today to share with us their analysis of the effects of a cap-and-trade program on the economy. And we have also asked them for their thoughts on the best way to design such a system. We'll also want to ask: How would the tax code treat the allowances allocated to emitters under a cap-and-trade program? And how should they be treated? What about the revenues generated from the auction of allowances? How can we cushion the effect of increased energy costs that could result from a cap-and-trade program? And how can we minimize those effects on our economy and consumers? And so, let us consider how addressing climate change may contribute to changes in our nation's condition. Let us not put off to tomorrow the analysis that we can do today. And let us do all that we can to ensure that our children and grandchildren will continue to have every reason to value highly the accident of birth in America." Statements, letters, and materials submitted for the record include those of the following: Max Baucus, Charles "Chuck" Grassley, Peter R. Orszag, Robert Greenstein, and Henry Derwent.
S. Hrg. 110-1041
Government Printing Office, Federal Digital System: http://www.gpo.gov/fdsys/