A promising new carbon-tax bill in the Senate: “fee and dividend”

Senators Boxer and Sanders have introduced a ‘fee and dividend’ bill. It’s a form of carbon tax and looks really good [read about it here].

It would impose a fee on carbon emissions at their source, such as coal mines, raising the price of fossil fuel energy.

But instead of giving the proceeds to the government, three-fifths of the money would be refunded to U.S. residents.

The Sanders-Boxer bill would impose a $20 per ton tax on carbon or methane equivalent, rising 5.6 percent each year for 10 years, on the nation’s [2,869] largest fossil fuel producers.

The tax would raise an estimated $1.2 trillion over a decade and reduce greenhouse gas emissions 20 percent from 2005 levels. Three-fifths of the tax would be rebated to “every legal U.S. resident,” which might make it more politically feasible than if it went to the government.

The rest of the money would go to incentives for clean energy and research.

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