Congress did do something FINALLY! CONGRESS PASSED GAS (TAXES)!
August 3, 2008 | Vetting explained
iReport —
Just before the August congressional recess, the House passed comprehensive energy legislation , which would be funded through increased taxation on oil and gas companies, on Aug. 4.
Comprehensive energy billOn August 4, 2007, the House passed comprehensive energy legislation after extending their session into the weekend prior to the August 2007 recess. The legislation was split between two bills, one containing the new energy measures (H.R.3221) and one containing a corresponding tax package (H.R.2776) to pay for the programs included in the bill.^51^ The legislation included many measures already considered or passed in the House from both the 109th and 110th Congresses, passing them under one overarching bill intended to promote alternative energy sources, ease pollution and climate change, and improve the energy infrastructure.^52^
Provisions included a mandate that 15 percent of retail electricity come from renewable energy sources by 2020.^53^ The bill would also fund programs to research and develop alternative sources of energy, including bio-fuels, forest and marine biomass, geothermal sources, wind, and solar power. Projects geared toward carbon capture, transportation, and storage would also be funded. The bill would fund planning into the development of a national infrastructure for the transport of renewable fuels to the pump for use in automobiles and other modes of transportation. The national electricity grid would be made more reliable through the development of a "Smart Grid" system to better manage the distribution and flow of electricity. Energy efficient building construction would be promoted at the residential, commercial, industrial, and government levels, with detailed requirements to increase energy efficiency for numerous consumer products from toasters to washing machines to air conditioners. The government would be required to purchase these more energy efficient devices. The bill also included provisions regarding international energy policy, including the creation of an Office on Global Climate Change in the State Department, and the establishment of US foreign policy "to promote United States and global security through leadership in cooperation with other nations of the global effort to reduce and stabilize global greenhouse gas emissions and stabilize atmospheric concentration of such gases." Grants and loans for developing countries to use more efficient and less pollutant energy sources were also included. The government would also be prohibited from entering into contracts with companies "for exploration of oil and gas in the Gulf of Mexico until those companies agree to revise earlier contracts that inadvertently limited the amount of revenues they owed on extracting the commodities."^54^ In order to pay for these provisions, the tax package included significant tax increases on the gas and oil industries.^55^ The bill did not include provisions for improved fuel efficiency standards for automobiles, as did a similar bill passed in the Senate. When Congress returns following the August recess, the House and Senate bills will have to be reconciled, and issues such as renewable-fuels mandates and fuel economy standards will be debated. Despite a commitment to improved mileage standards and alternative fuels mandates, the White House has threatened to veto the legislation, primarily over increased taxes on the oil industry.^56^ Just before the August recess, Rep. John B. Larson (D-Conn.) introduced **America's Energy Security Trust Fund Act, a carbon tax proposal.**America's Energy Security Trust Fund ActFrom SourceWatch
Just before the August recess, Congressman John B. Larson (D-Conn.) introduced HR 3416, a federal carbon tax proposal.
Elements: * Covers coal, petroleum, and natural gas * Only regulates carbon dioxide content, not other GHG emissions (the bill calls for a proposal to cover those emissions within 6 months of enactment) * Tax starts at $15 per ton and rises at 10% faster than the cost of living adjustment each year * Tax refunds or credits include feedstock and any offset project other than enhanced oil recovery, and all exports * Revenues raised go into "America's Energy Security Trust Fund". 1/6 up to $10 billion goes to clean energy technology R&D, 1/12 goes to industry relief (declining to zero by 2017), and the remainder goes to offset payroll taxes.- Tags:
- election08,
- drilling,
- gas_prices,
- gas
- Posted in Assignment:
- Campaign 2008
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