The bill calls for an initial tax of $10 per ton of carbon content to be assessed on coal, petroleum and natural gas when these fossil fuels are initially removed from the ground or imported into the United States. The tax will increase by $10 each year, freezing when a mandated report by the Internal Revenue Service and the Department of Energy determines that carbon dioxide emissions have decreased by 80 percent from 1990 levels.
Said Stark, in a news release:
“The question is not if human activity is responsible for global climate change, but how the United States will respond. Predictable, transparent and universal, a carbon tax is a simple solution to a difficult problem. It would drastically reduce our carbon dioxide emissions by providing an economic disincentive for the use of carbon-based fossil fuels and an incentive for the development and use of cleaner alternative energies. The Save Our Climate Act would establish the United States as a global leader in environmental protection and encourage other nations — most of whom have already acknowledged the climate change threat — to take similar action to reduce emissions. I strongly encourage Congress to pass a carbon tax.”