Ways and Means; Energy and Commerce; Foreign Affairs
Co-Sponsors: 37 – 36 Democrats, 1 Republican
The bill puts a gradually rising fee on carbon-based fuels and products that emit greenhouse gases such as crude oil, natural gas, and coal. Fuel producers or importers will be required to pay a fee at a rate based on the greenhouse gas content of the fuel, which will begin at $15 in 2019, and increase by $10 each year. The rate could be adjusted based on progress toward meeting specified emissions reduction targets. 100 percent of the net revenue raised from this fee will be distributed dividends to households. The bill also amends the Clean Air Act to suspend certain regulations that limit greenhouse gas emissions. The suspensions expire if the emissions targets established by this bill are not reached after a specified period.
This bill addresses Green Real Deal goal 2(A)p.4 to reduce emissions.