It's called "Fee and dividend" - I had misremembered that it was named after somebody. The Wikipedia page gives a good overview:
https://en.wikipedia.org/wiki/Carbon_fee_and_dividend. I don't see any reason
not to implement it - it seems to me to have no major drawbacks, so, for Americans/Australians, it would be independent of what China and India do - i.e., their not implementing one would have no bearing on whether
we should implement one - though of course we would want them to implement something like it too.
This type of economic tampering presents several disastrous downsides
a. A tax is not economically efficient
1. A tax carries a 60 to 80% inefficiency overhead (only 20 to 40% of the money actually gets to the intended benefit), the remainder is used as a royalty to build royal or mafia (non-democratic) political power
2. A tax reduces the velocity of money increasing internal inflation in its targeted economy - outside economies thrive in comparison
4. A tax reduces the turn of a dollar (monetary instrument) from 8x to 1 - 2x - thereby reducing the amount of capital available to innovation and necessary infrastructure and/or expansion
5. Taxes only increase and do not bear the risk of the economy they 'serve' - that which is not exposed to risk in its decision making, defacto becomes a royal entity.
6. A tax on the gross (no skin in the game) demands that the taxing entity acquire, consolidate or conquer thereafter, in order to succeed.
b. A distribution of money to all parties in an economy is a zero sum gain
1. What you give away for free becomes worthless - states where scholarships are handed out, see a doubling in the cost of college within 3 years - scholarship graduates end up spending the same amount to attend college as they always did
2. An equal distribution of basic income, becomes inflation within 18 months. People have more numerical flow of cash, but possess the same exact life-style and burdens they previously did, within 18 months.
3. Unless a distribution of free income is backed by the export of a material resource - it is deconstructive.
c. An unequal distribution of value-to-risk, disadvantages the economies which carry the risk. China knows this trick well
1. China is defeating the West now by fixing its tax and profit risk on its manufactured goods. All tax (because they tax on the 'net' and not the gross) and margin risk is shifted to the consuming nations. Eventually their mechanisms fail (the same as product dumping)
2. By having only certain nations carry the burden of value (carbon alleviation), we unfairly advantage China, and will create a new defacto super power and royalty class (Triads), who live under immunity privilege.
Note at this juncture: Carbon ppm's and global temperatures continue as they always have in this scenario. An small side issue here tho...
d. Carbon credit revenue (or tax offsets in kind = same thing) are soft economic displacements. They degrade real development capital
1. A carbon credit exchange creates robust monetary exchange and contract amounts, which do not equate to real economic activity
2. Those who trade fictitious value instruments/tax offsets, will eventually fail through no provision of value. (i.e. GDP consists of only a stock market = danger)
3. Carbon credit capitalizations are allocated for only further carbon credit capitalizations and suck life from real economic capital markets, reducing capitalized GDP below the critical Gross Capital Formation threshold of 20%
4. Western and global economies are then placed under precarious and disastrous risk.
For Australia this would have little impact,
because mineral production per capita is high versus the globe. But everyone else gets screwed. Literally everyone but BRAC (Brazil, Russia, Australia and China) - who also will inherit virtually NONE of the economic refugees from all this.
India collapses unable to either play the game on the win side, nor support its out of control population. The Russian mafia loses its gas and oil royalty and is forced to become the defacto arms dealer and black market for the world. Keeping Russia's mafia drunk on easy gas and oil profits (and enslavement of 'their property' Balkan nations) is critical in keeping the world from descending into largescale war.
Non-Shia middle east collapses by infrastructure first (and fast, as our trading depth there is about 4 months out), then economically. Iran's chief GDP component becomes military technology and conscription - trade with Russia (
amafia).
China would become the sole super power and Australia's main trading partner. China taxes on the gross, rather than the net. This style of taxation requires that the taxing entity continually expand or acquire in order to succeed... (*sullen pad instrument sound here).....
This would guarantee a war in the Middle East, as Iran has aspirations to re-establish the Sassanid Holy Empire for their End Times. Iran would need to ally with China in order to then pull this off.
So, can you see why the 'simple' message you might be consistently fed is ...maybe not a completely unbiased one? And you can see why those who do not live in Australia, might possess a different opinion on this issue? This does not serve to make them stupid or unconcerned for the Earth or spirituality.
If you think the developing world is suffering now? Wait for this gem of a global configuration supporting 12 billion people - they don't realy know hell just yet. ;)