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Is the carbon tax dead? Not yet, says this senator

Posted On: 10 Aug 2020   |   Posted By: Grist

For years, the idea of putting a price on carbon emissions seemed like a no-brainer - economists claimed that it would cut fossil fuel pollution quickly and efficiently, and at the same time, could even give money back to the American public. But lately the policy has fallen out of favor. Over the past few months, as Democrats have rolled out multiple comprehensive plans to slow down climate change and turbocharge renewable energy, the idea of a “carbon tax” has been notably absent .
One lawmaker doesn't seem to have gotten the memo. On Friday, Senator Dick Durbin, a Democrat from Illinois, introduced the “ America's Clean Future Fund Act ,” which would set a steadily rising price on carbon dioxide emissions. The tax would start at $25 per metric ton of emissions (that's the equivalent of about 22 cents extra per gallon of gasoline ) and rise by $10 or more per year. Given the COVID-19 economic downturn, the bill suggests waiting to institute the price until “the U.S. economy is no longer in economic turmoil...

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