Tax Pollution, Not Profits Act
This bill amends the Internal Revenue Code to impose an excise tax on greenhouse gas emissions from fossil fuel products and from any facility which is required to report emissions or to which emissions are attributed. The tax is equal to $30 per metric ton of carbon dioxide or carbon dioxide equivalent in 2016, increasing each subsequent year at 4% above inflation.
The bill amends the Social Security Act to establish a Low-Income Cost Mitigation Program to provide an energy refund amount to certain low and middle-income households to compensate such households for increases in energy costs due to this bill.
The Department of Labor may use revenues generated by this bill to implement a program to assist displaced workers in the coal industry.
The bill also provides for a gradual reduction in the corporate income tax rate from 32% in taxable years beginning in 2016 to 28% in taxable years beginning after 2019.
The bill requires the Department of the Treasury to establish a website to make information regarding the amount and sources of revenue attributable to this bill publicly available.