A uniform carbon tax with equal per capita dividends is usually advocated as a cost-effective way of reducing greenhouse gas (GHG) emissions without increasing, and in many cases even reducing, economic inequality, in particular because of the positive balance between the carbon taxes paid by the worse off and the carbon dividends they receive back. In this article, I argue that a uniform carbon tax reform is unjust regardless of how the revenue is used, because it does not discourage the (...) rich from indulging in wasteful emissions. This is at odds with a normative account of the distribution of the GHG budget that I define as emissions limitarianism, which is a climate derivative of economic limitarianism. Emissions limitarianism holds that, under low GHG budget conditions, emissions permits should not be used to achieve functionings that over-consume the GHG budget without producing significant welfare gains relative to the achievement of alternative functionings. Accordingly, I argue that a uniform carbon tax should be complemented by a limitarian carbon tax, which restricts the capabilities of the rich to achieve wasteful emission-generating functionings. The article adopts a methodological multi-level perspective on capabilities as a measure of welfare, distinguishing between basic, secondary and tertiary capabilities. (shrink)