H.R.2380 - Raise Wages, Cut Carbon Act of 2009

To amend the Internal Revenue Code of 1986 to reduce social security payroll taxes and to reduce the reliance of the United States economy on carbon-based energy sources. view all titles (2)

All Bill Titles

  • Short: Raise Wages, Cut Carbon Act of 2009 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to reduce social security payroll taxes and to reduce the reliance of the United States economy on carbon-based energy sources. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/12/09
 
 
 
 
 
 
 

Official Summary

5/13/2009--Introduced.Raise Wages, Cut Carbon Act of 2009 - Amends the Internal Revenue Code to impose an environmental tax on: (1) any taxable carbon substance (i.e., coal, including lignite and peat, petroleum and any petroleum product, and natural gas that is extracted, manufactured, or

Official Summary

5/13/2009--Introduced.Raise Wages, Cut Carbon Act of 2009 - Amends the Internal Revenue Code to impose an environmental tax on:
(1) any taxable carbon substance (i.e., coal, including lignite and peat, petroleum and any petroleum product, and natural gas that is extracted, manufactured, or produced in, or imported into, the United States); and
(2) imported taxable products that account for a specified level of carbon substances used in the United States. Sets the amount of the tax at $15.00 per ton in 2010, and increases and adjusts for inflation such amount each year until the tax is $100 in 2040 and in subsequent years. Provides for a reduction in social security taxes by an amount determined by the Secretary of the Treasury to reflect the amount of revenues generated by the taxes imposed by this Act. Appropriates net revenues from such taxes to the social security trust funds. Requires a two-thirds vote of the House of Representatives or the Senate to increase the amount of the tax on taxable carbon substance or imported products beyond the amount required to compensate for the aggregate reduction in revenues resulting from the lower rates of social security taxes provided by this Act (i.e., revenue neutrality).

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