A conservative think tank says lawmakers should consider ending taxes on corporations and instead institute a fee on carbon dioxide emissions.

A report from the R Street Institute, released Friday, said a fee on carbon could fill the revenue gap left by ending the federal tax on corporations.

Citing the Congressional Budget Office, the study said ending the tax on corporations would cost $300 billion a year, based on 2016 figures. More than $167.2 billion of that would be made up through other forms of tax reform and higher income from workers and investors, and the group said a $25 per ton fee on carbon pollution could be used to fill in the remaining gap in revenue.

ADVERTISEMENT

The group, which has long advocated for a carbon tax, suggested instituting the fee while also stripping away regulations on the energy sector and stopping renewable energy subsidies.

“Axing federal policies designed to restrict carbon dioxide emissions from the energy sector as a whole would eliminate billions of dollars in compliance costs for industry and shrink the federal government’s rulemaking and enforcement capabilities," the study’s authors wrote.

"By setting the benchmark that lower taxes are wise policy and that specific policy outcomes can be achieved while simultaneously shrinking the government’s footprint, this proposal could serve as a model for policies that reduce the size of government broadly."

Prospects for a carbon tax are dim. Republicans on Capitol Hill are on the record opposing such a measure, and President-elect Donald Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE has said he’s against a tax on carbon, as well.