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Ecological tax reforms ETR • Shift fiscal burden from labour to ‘things’ and assets • Carbon tax and other taxes may generate 2-3% GDP in revenue • Andersen et al. (EEA) Estimate overall 35 billions in Italy • (false) problems – Inflationary? – Regressive? (even VAT is..) – Reduce competitiveness….(to be checked.. Porter hypothesis) 4 3.5 inflation 3 2.5 EMU 2 US JAP 1.5 Cina 1 0.5 0 -0.5 2014 2015 2016 2017 8 7 6 growth 5 EMU 4 US JAP 3 Cina 2 1 0 2014 2015 2016 2017 •Total environmental and energy taxes (% GDP); source: Eurostat •Share of GDP, total Energy taxes •Share of GDP, environmental & resource taxes Two options Labour oriented reycling Increase labor demand of unskilled and young through cuts. Not a long run growth fact Innovation oriented reycling. Energy efficiency stimulus Through creation of trusts and funds that finance innovation General technological innovation (recyling on the basis of energy use..) or ex ante defining the type (tender on specific issues)? GERD total 2.75 2.55 2.35 2.15 EU (27 countries) 1.95 Germany France 1.75 Italy United Kingdom 1.55 1.35 1.15 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 0.95 ETR: national and decentralised levels National levels of taxation (Sox, Co2 taxes on non ETS sectors, ETS auctioning) Regional and local levels Landfill taxes, PM taxes, water resource taxes, other resource taxes on minerals, aggregates… They could abate IRAP, the ‘hated’ regional tax on economic activity, around 30 billions Issue of ‘Resource taxation reform’ RTR • • • • Environmental externalities still at the heart of ETR rationale Muller, Mendelshon, • Transport, energy, Nordhaus (2011), agriculture, much more Environmental Accounting pollution intensive than for Pollution in the US manufacturing (very economy, AER, 1649-75. low in E/VA: 0.01 vs 0.1 Definition of gross and net transport) external damages • Transport and Gross external damage of US economy 182 billions $ manufacturing both Net external damage (GED – account 10% of total regulation costs, tax • Intuitive figure for Italy: payments) 20-25 Billions €.