Sen. Sheldon Whitehouse has reintroduced carbon tax legislation to help reduce greenhouse gas emissions and boost the economy.
If approved, this revised carbon tax bill would start at $45 per ton starting next year, and increase each year by two percent.
The fee would apply to all oil, coal, and natural gas produced in the United States or imported. That, in theory, would discourage the use of fossil fuels. In British Columbia, fossil fuel consumption is down since the Canadian province implemented a carbon tax.
Sen. Sheldon Whitehouse said the bill has the potential to reduce emissions in the United States by more than 40 percent by 2025 compared to 2005 levels. And it would generate more than $2 trillion over 10 years.
To rally Republican support around this bill, some of the revenue from this bill would go to reducing the corporate income tax rate.
Rhode Island lawmakers also introduced a carbon tax bill during this legislative session, but ended up withdrawing the bill. Debates over implementing carbon taxes are highly controversial.
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