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Thursday, September 27, 2007

Carbon Tax - Dingell

Congressman Dingell (D-Mich) has released more of the details of his proposed carbon tax (see earlier entry). The package includes:
  • $50/ton of carbon from coal, oil and natural gas. The tax would be transitioned in over a 5 year period and the tax would be adjusted for inflation
  • 50 cent/gallon increase in the gasoline excise tax, also phased in over 5 years and adjusted for inflation
  • Reduced mortgage interest deduction for home over 3,000 square feet, with some exceptions, such as for LEED certified homes or for owners who purchase carbon offsets

Dingell would use the new revenue for:

  • Increasing the earned income tax credit
  • Highway trust fund
  • Social Security and Medicare
  • Children's health coverage
  • Conservation
  • R&D on renewable energy
  • Energy assistance for low-income households

Dingell is soliciting comments on the proposal at his website.

What do you think?

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