Rep. John Dingell, D-Mich., has proposed a 50-cent tax on each gallon of gas in an effort to limit carbon emissions.
The gas tax would be phased in over five years and then adjusted for inflation. There would be an exemption for diesel and for biofuels that do not contain petroleum.
Dingell, chairman of the House Energy and Commerce Committee, has also proposed a tax on carbon dioxide emissions of $50 per ton. That too would be phased in over five years and adjusted for inflation. The tax would be imposed on coal, natural gas, petroleum and any petroleum product.
"In order to reduce greenhouse gases and make the planet safe and healthy for future generations, it will take a significant investment from all of us," said Dingell in a statement.
He wants to phase out the mortgage interest deduction on large homes. There would be exemptions for historic homes built before 1900 and farm houses, and for homeowners who purchase carbon offsets or whose homes are certified carbon-neutral. Dingell is inviting input on his proposals through his Web site at http://www.house.gov/dingell/carbonTaxSummary.shtml.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access