Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Former Federal Reserve chairs Ben Bernanke and Janet Yellen. Photo: Alex Wong via Getty Images

America’s leading economic establishment has penned a Wall Street Journal op-ed in support of taxing carbon dioxide emissions, eliminating other regulations and returning the resulting money to consumers in the form of a recurring dividend check.

Why it matters: The increasing consensus among economists that the best thing to do with any money raised with a carbon tax is to return it to Americans is a significant policy marker as Washington debates to what degree, if at all, it will address Earth’s rising temperatures.

Details: All four of the still-living former Federal Reserve chairs, nearly 30 Nobel economists and all but one former chair of the White House’s Council of Economic Advisers have signed onto a statement laying out their support for a carbon-tax policy — one that has been gaining support from big oil companies, environmental groups and others across the political spectrum.

  • The plan includes a tax on carbon emissions that rises over time, with the proceeds sent back to Americans via quarterly dividend checks.
  • Other carbon-tax policies have put the money toward other priorities, including clean-energy investments and eliminating other taxes.
  • The op-ed published Wednesday says a sufficiently rising carbon tax would “replace the need for various carbon regulations that are less efficient.” That point is particularly controversial among some environmentalists who want regulations as a backstop.
“This is a turning point in Republican climate policy, where the GOP economic brain trust unites behind the [carbon price policy]. This includes the top economic advisers to Presidents Ford, Reagan, H. W. Bush and W. Bush.”
— Former Sen. Trent Lott (R.-Miss.), a lobbyist pushing the policy

But, but, but: Despite economic agreement behind a carbon tax, the politics around it have long been toxic in Washington, and elsewhere too. Voters in Washington state, one of the most progressive in the nation, rejected a ballot measure pricing CO2 emissions after a $30 million campaign by oil companies.

  • President Trump and most elected Republicans continue to ignore or dismiss climate change. Meanwhile, Democrats are rallying around another idea: the vague-but-popular Green New Deal pushed by Rep. Alexandria Ocasio-Cortez (D.-N.Y.), whose only specific component as of now is a goal to achieve 100% renewable electricity.
  • By the way, the one White House economic adviser who didn't sign on is Joseph Stiglitz, who held the position under then-President Bill Clinton. An emailed request for comment to Stiglitz wasn't immediately returned. He has written a paper for the United Nations on the effectiveness of carbon pricing, so he is in favor of the general concept.

What’s next: Ted Halstead, one of the lead organizers on the policy, said he’s confident the 2020 presidential election will focus around this plan and not the Green New Deal, even though the former is getting more media attention with possible candidates. Getting economists’ support is critical, he says.

“We’ve just cornered the market on the best economic minds of our country behind every single pillar of our plan.”
— Halstead

Go deeper:

Go deeper

19 mins ago - Health

U.S. COVID-19 death toll surpasses 600,000

Expand chart
Data: Johns Hopkins University; Chart: Danielle Alberti/Axios

More than 600,000 people have died from the coronavirus in the U.S., according to data from Johns Hopkins University.

The big picture: It's a higher death toll than the number of American soldiers killed in combat during the Vietnam War, World War I and World War II combined.

Senate confirms antitrust expert Lina Khan as FTC commissioner

Lina Khan speaks at a Senate Commerce, Science and Transportation Committee confirmation hearing. Photographer: Saul Loeb/AFP/Bloomberg via Getty Images.

The Senate voted 69-28 on Tuesday to confirm antitrust expert Lina Khan as a commissioner on the Federal Trade Commission.

Why it matters: Known for her work on how to apply antitrust laws to the tech industry, Khan's confirmation marks a changing tide in federal government efforts to rein in Big Tech companies, Axios' Ashley Gold and Margaret Harding McGill report.