Climate change seems like this complicated problem with a million pieces. But Henry Jacoby, an economist at MIT's business school, says there's really just one thing you need to do to solve the problem: Tax carbon emissions.
"If you let the economists write the legislation," Jacoby says, "it could be quite simple." He says he could fit the whole bill on one page.
Basically, Jacoby would tax fossil fuels in proportion to the amount of carbon they release. That would make coal, oil and natural gas more expensive. That's it; that's the whole plan.
Online retail sales are cutting into tax revenue in counties and cities, according to a report issued by the U.S. Conference of Mayors on Friday. They estimate the lost revenue for America's largest cities and counties came to about $2.8 billion for 2011 and 2012, combined.
The world's wealthiest nations are promising to fight what they call the scourge of tax evasion. This week's meeting of the Group of Eight industrialized countries concluded with a pledge to end the use of tax shelters by multinational corporations.
But there are still big questions about how they will make a dent in the problem.
In the aftermath of the global recession, countries all over the world have struggled with budget shortfalls. More and more of them have come to blame part of their revenue problems on one culprit — tax avoidance.
The 10 biggest breaks, deductions and credits in the U.S. income tax code are costing the Treasury $900 billion this year, with more than half of that total benefiting the wealthiest 20 percent of taxpayers.
Sunday is the 97th running of the Indianapolis 500, which draws hundreds of thousands of fans to the Indianapolis Motor Speedway. While it's an economic boon for the area, the 104-year-old track needs renovations — and just how it's getting the money is rubbing some Hoosiers the wrong way.