This Article tackles a question that has vexed the administrative state for the last half-century: how to seriously take account of the distributional consequences of regulation. The academic literature has largely accepted the view that distributional concerns should be moved out of the regulatory domain and into Congress’ tax policy portfolio. In doing so, it has overlooked the fact that tax policy is ill-suited to provide compensation for significant environmental, health, and safety harms. And the congressional gridlock that has bedeviled us for several decades makes this enterprise even more of a non-starter.