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Submitted by Paul Scott on

Taxes, even revenue-neutral taxes, shift spending. In this case, as less money is being spent on dirty energy, the money saved will be spent on other goods and services generating more tax revenue. This is especially relevant when it comes to personal vehicle use. Electric cars are making a headway against internal combustion (ICE). The money spent per mile driven for EV vs. ICE is approximately 20%. Here in the U.S., we spend over half a trillion dollars for gasoline every year.

Once all cars are running on renewable electricity instead of gasoline or diesel, the savings to consumers will be over $400 billion per year. This money will still be spent, but instead of going to the oil companies, it'll be spread across a much broader sector of the economy generating millions of jobs over time.