FOR IMMEDIATE RELEASE
Friday, November 30, 2018
ICYMI: Delaney and Bipartisan Cosponsors Introduce Landmark Carbon Tax Legislation
Energy Innovation and Carbon Dividend Act is first bipartisan climate legislation in a decade
WASHINGTON – This week, presidential candidate Congressman John K. Delaney (D-MD-06) joined fellow legislators in announcing the Energy Innovation and Carbon Dividend Act (EICD). This landmark bipartisan legislation aims to reduce the nation’s carbon footprint by taxing greenhouse gas emissions. Under the EICD, corporations would be taxed at $15 per ton of CO2 emissions. That fee would climb $10 per year until emission reduction targets are reached. 100 percent of the revenue from the tax would be returned to taxpayers via a dividend. The legislation also includes regulatory relief. The bipartisan bill was filed by Congressman Ted Deutch (D-FL-22), with Delaney, Congressman Francis Rooney (R-FL-19), Congressman Brian Fitzpatrick (R-PA-08), and Congressman Charlie Crist (D-FL-13) as the lead cosponsors.
Under the EICD, it is projected that the carbon tax would lead to dramatic cuts in greenhouse gas emissions – an estimated 40 percent in 10 years, and a 91 percent cut by 2050.
“This is the way it’s supposed to work,” said Delaney, “a bipartisan group of lawmakers coming together to tackle an urgent problem. This is how we should govern. A carbon tax uses market forces to reduce emissions and encourage private sector innovation and alternative energy production. A carbon tax is the climate change legislation we need and I’m going to continue to push for one during my campaign.”
- “… the bill would reduce greenhouse gas emissions by 40 percent in 10 years, and 91 percent by 2050. That’s a bigger cut than former President Obama’s Clean Power Plan or the United States’ commitment under the Paris climate agreement — a pact President Trump has promised to exit.”
- “The bill is the first bipartisan piece of legislation to be introduced to put a price on carbon in a decade.”