Raise Wages, Cut Carbon Act of 2019
This bill imposes excise taxes on fossil fuels and fluorinated greenhouse gases and uses revenues from such taxes to reduce social security taxes.
The bill annually increases funding beginning in FY2020 for the low-income home energy assistance program and the weatherization assistance program for low-income persons. It also directs the Social Security Administration to distribute to Social Security retirement beneficiaries 10% of environmental tax revenues beginning in FY2020.
The bill imposes taxes on (1) the manufacturer, producer, or importer of coal (including lignite and peat), petroleum and petroleum products, and natural gas ($40 per ton in 2020 with a 2.5% increase each year emission reduction targets are not met); (2) any imported taxable product sold or used by its importer; and (3) fluorinated greenhouse gases.
The bill requires a supermajority of either the House of Representatives or the Senate to change the revenue neutrality established by this bill.
The bill also amends the Clean Air Act to suspend certain regulations that limit greenhouse gas emissions. The suspensions expire if emissions targets are not reached after a specified time period.