CT’s Larson Pitches $1.8 Trillion Carbon TaxAugust 17, 2017
The long-time Connecticut congressman wants an infrastructure bill, and he wants to pay for it with a massive carbon tax.
Rep. John Larson (D-Conn.) wants a carbon tax that would tax “carbon pollution” at the rate of $1.8 trillion over the next 10 years.
Larson calls his bill the America Wins Act, because it would put $1 trillion into infrastructure and send the other $800 billion “back to the American people in the form of a tax rebate.”
Larson calls the tax a “dedicated revenue stream” and an “upstream tax” at various points in his press release:
The America Wins Act will provide a dedicated revenue stream of $1 trillion over 10 years to invest in all types of infrastructure from roads, bridges, tunnels, transit systems, rail, airports, clean drinking water, levees, broadband, and energy transmission.
…This bill is fully paid without adding to the national debt. The America Wins Act is estimated to raise $1.8 trillion in total over 10 years through an upstream tax on the carbon-content of fossil fuels such as coal, oil, and natural gas. All of the revenue raised will be placed in a trust fund, administered by US Treasury, in order to be solely used for investing in the nation’s infrastructure, providing the American people with a consumer tax rebate, and dedicated funding for carbon-intensive industries such as coal workers.
Of course, Larson doesn’t address the fact that $1.8 trillion in taxes on carbon would likely be passed on to consumers, in Connecticut and around the nation.
Larson even defends the carbon tax in his fact sheet on the bill, claiming: “A carbon tax that is phased in over time offers price certainty for businesses and families.”
According to the same fact sheet, the carbon tax “would begin at $49/ton and increase annually 2% above inflation.” Even the carbon tax proposed by socialist Sen. Bernie Sander (I-Vt.) would only start at $15/ton.
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