SourceWatch needs your financial support to survive and thrive. If you've found this information on the people, organizations, and issues shaping the public agenda helpful, please make a tax-deductible donation now.

From SourceWatch

Just before the August recess, Congressman John B. Larson (D-Conn.) introduced HR 3416, a federal carbon tax proposal.

Elements:

• Covers coal, petroleum, and natural gas
• Only regulates carbon dioxide content, not other GHG emissions (the bill calls for a proposal to cover those emissions within 6 months of enactment)
• Tax starts at $15 per ton and rises at 10% faster than the cost of living adjustment each year
• Tax refunds or credits include feedstock and any offset project other than enhanced oil recovery, and all exports
• Revenues raised go into "America's Energy Security Trust Fund". 1/6 up to $10 billion goes to clean energy technology R&D, 1/12 goes to industry relief (declining to zero by 2017), and the remainder goes to offset payroll taxes.