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ASBC Steps Up Its Support for a National Carbon Fee

On July 27th, Senators Sheldon Whitehouse (D-RI) and Brian Schatz (D-HI) re-introduced the American Opportunity Carbon Fee Act. Companion legislation was also introduced in the House by Representatives David Cicilline (D-RI) and Earl Blumenauer (D-Oregon). The bill calls for an initial fee of $49 per metric ton, which is intended to substantially decrease national greenhouse gas emissions. If passed, this pioneering legislation would generate an estimated $2.1 trillion in revenue in the first decade. It would be used for reducing the marginal corporate tax rate from 35% to 29%, provide workers with a $550 refundable tax credit, and give at least $10 billion to states to help low-income and rural households and coal-dependent workers. The bill is designed to reduce energy-related CO2 emissions by 36 percent by 2025, compared to 2005 levels.

ASBC has long-supported setting a price for carbon. It is by far the simplest, most effective action to cut carbon pollution and reduce economic risks. A federal carbon tax would substantially reduce carbon dioxide emissions and create a market incentive to transition to a clean energy economy. This policy represents a market-based and business-friendly solution to climate change. ASBC urges Congress to make addressing climate change and protecting businesses a priority by passing the American Opportunity Carbon Fee Act. To learn more about the legislation read our press release and sign our action letter for a national carbon tax.

Source Author: 
Emily Barber