This is the full text of the Save our Climate Act of 2011, introduced by Rep. Pete Stark (D-CA) in the United States House of Representatives, on October 25, 2011.
From Rep. Stark’s statement of introduction on the floor of the House:
A steadily rising carbon tax will provide the certainty American businesses needs to make the long-term investments in new energy sources that will break our addiction to fossil fuels. The United States can be the leader in green energy. A carbon tax will help to unleash American innovation and create jobs. That is why economists across the ideological spectrum—from Arthur Laffer and Alan Blinder on the right, to Jeffrey Sachs and Joseph Stiglitz on the left—have endorsed the idea. Through border adjustments, my legislation will protect American manufacturers and ensure that imported goods from countries like China are not given an unfair advantage over American products.
At a time of deep budget cuts meant to reduce the deficit, a carbon tax can be part of the deficit solution. My legislation will dedicate $437 billion toward deficit reduction over 10 years. In addition, the Save Our Climate Act will protect families from increased energy prices. Revenue generated will be distributed back to individuals as a yearly dividend to all Americans. The average dividend in the first year of the bill would be $172 per person, rising to $761 in the fifth year and $1126 in the tenth year.