Cap and trade = carbon tax plus corporate welfare. That's apparently a Greg Mankiw theorem. The corollary is that carbon taxes are the way to go. This morning's WSJ piece on AC Pigou cites the "bipartisan appeal" of Pigouvian taxes.
And these will not be politicized? Why is the U.S. tax code 17,000 pages long? Because clarity is not a useful political posture. It seems that unpoliticized taxes are a rarity. Will carbon taxes be the first?