Save Our Future Act, S.2085
Proposed 6/16/2021 by Sen. Sheldon Whitehouse & others
Payments to Families & Communities:
o For US taxpayers with income under $75,000 ($150,000 couples): Pay $400 every 6 months to each adult, plus $150 for each dependent, rising with inflation (p.47)
o For people who lose full time jobs at coal mines and coal power plants which reduce production after the bill is enacted: Pay 5 years of the wages, health benefits & pension contributions they had in the last year they worked there (p.71). Also pay tuition at in-state public colleges and vocational training for these people losing work and their children (p.81).
o For counties where coal mine or coal power plant closes after the bill is enacted: Replace lost taxes of county, towns, other districts fully in first year, and phase down the help over 10 years (p.82, does not replace state taxes)
o Wide range of other payments to states, individuals and organizations for: economic development, energy bills, energy efficiency, weatherization, microgrids, low-emission buses, etc. (pp.63, 88, 92, 96)
Sources of Money:
o $54 per ton of CO2 released from fossil fuels (p.3) and process emissions from industry (p.20, no fee on farms). Refunds for CO2 exported or captured permanently (oil-recovery and single-use plastics don't get refund). No fee on CO2 released before it gets to the refinery, or on fuel used in refineries (p.3)
o $5.40 per ton of CO2-equivalent on fluorinated gases, phasing up to equal the CO2 fee in 10 years (p.17)
o $3,888 per ton of methane from venting, flaring and leaking from coal, oil and gas supply chains (p.21 shows coverage; p.35 says to adjust CO2 fee by 20-year factor from IPCC 4th Assessment. This factor is 72, on p.212 of https://archive.ipcc.ch/pdf/assessment-report/ar4/wg1/ar4-wg1-chapter2.pdf )
o Above fees rise 6% more than inflation, and an extra 5% each year that targets are not met. Targets track a path for total net emissions to reach zero by 2050 (including farms though they have no fee).
o Same fees on imports, based on typical emissions where they were produced, with credit for other countries' fees (p.29)
o Fees on major sources within a mile around a poor or minority census tract or Tribal community (p.39):
o $38.90 per pound of fine particulates emitted (PM2.5) from industry
o $18 per pound of sulfur dioxide emitted
o $6.30 per pound of nitrogen oxides emitted
o these 3 fees rise with inflation
This is a very comprehensive bill with the potential for all, or many of its components, to end up in a reconciliation package.
Press release: https://www.whitehouse.senate.gov/news/release/whitehouse-and-schatz-introduce-save-our-future-act-to-charge-big-polluters-for-emissions-redirect-trillions-to-american-families-and-communities-harmed-by-pollution