Eli5: How exactly does a carbon tax work and is there any real downside to implementing one?

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I’m deeply curious about the implementation of a carbon tax on large corporations, as it seems like an economically straightforward means of beginning to combat climate change on a larger scale. However, I’m not certain of the specifics/variety of carbon taxes which have been proposed and also lack a sufficient knowledge of economics to know if there are any difficult-to-discern downsides to the concept (My education is in ecology so I’m only seeing benefits of such an idea). I’d love to be more educated on the topic, and know why it hasn’t received widespread acceptance yet.

In: Economics

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