Rep. Pete Stark introduces Carbon Tax bill

California congressman Pete Stark has introduced a bill in the House of Representatives HR 2069 that would establish a carbon tax on fossil fuels. The Save Our Climate Act would add a tax of $10 per ton of carbon in the fuel at the time that is either imported or extracted from the ground.
The bill would require the IRS and Department of Energy to issue an annual report on carbon dioxide emissions. The initial $10 would be increased by an additional $10 per year every year until CO2 emissions have been reduced by eighty percent from 1990 levels.

Assuming approximately 5.2 lbs of carbon per gallon of gasoline, the initial $10 tax would amount to about 2.6 cents per gallon but that would increase fairly rapidly.

[Source: Rep. Pete Stark]

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