This is not a new idea. Actually I pushed such a scheme already more than 20 years ago (minus the CO2 tax). Income taxes are a huge burden to any fiscal system as they are a huge incentive to cheat and laborious to monitor. Plus, consumption taxes are inherently fair as those well off consume more and hence pay more. Besides, in Austria we had an extra high tax tariff on certain luxury goods that are exclusively consumed by those with lots of disposable income. People should have a choice on how much tax they want to pay. Taxing income is counterproductive.
Not a new chemical element, CO2eight is a call to cut CO2 emissions and modernize taxes with enactment of the 28th Amendment to the US Constitution.