New Legislation Would Place A Tax On Carbon Emissions

Speaking of climate change, Democratic Congressman Jim McDermott introduced legislation last week to place a tax on carbon emissions. The Managed Carbon Price Act of 20-12 would require major producers of greenhouse gases, like the coal, oil, and natural gas industries to purchase carbon credit from the Treasury Department depending on how much pollution they emit into the air. According to the Brookings Institute – carbon credits would run at a price of roughly $15 per ton of carbon. The revenue generated from the tax will then be put to paying down the deficit, and giving energy consumers subsidies to deal with slightly higher prices as the economy transitions from fossil fuels to renewables. According to polling, 75% of Americans support regulating carbon greenhouse gases as pollutants – and 60% support a carbon tax similar to what Congressman McDermott has introduced.