Carbon Cap and Dividend: Quarterly Payments to Citizens for Emission Reduction.
This Act establishes a cap-and-dividend system, requiring fossil fuel producers and importers to purchase carbon permits, which will likely increase energy costs for consumers. To offset these increases, all revenue from permit auctions is distributed directly to eligible individuals through quarterly, tax-free "Healthy Climate Dividend Payments." The goal is to combat climate change while providing financial support to households.
Key points
Higher Energy Costs Offset by Direct Payments: Fossil fuel companies face new costs, potentially raising prices for gasoline and heating, but citizens receive regular quarterly dividends to mitigate this financial impact.
Mandatory Emission Reduction Schedule: The total amount of carbon emissions allowed will decrease significantly, aiming for a 90% reduction by 2050.
Focus on Environmental Justice: The law mandates efforts to reduce other harmful pollutants in low-income and minority communities disproportionately affected by pollution.
Border Fees and Export Rebates: Carbon equivalency fees will be placed on carbon-intensive imports, and rebates will be given to US exporters to maintain fair competition globally.
Expired
Citizen Poll