To amend the Internal Revenue Code of 1986 to reduce emissions of carbon dioxide by imposing a tax on primary fossil fuels based on their carbon content.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Save Our Climate Act of 2011''.
SEC. 2. FINDINGS.
The Congress finds as follows: (1) The Intergovernmental Panel on Climate Change (IPCC) has concluded that human emissions of greenhouse gases, particularly carbon dioxide are responsible for global climate change. (2) The IPCC has estimated that global temperatures will rise between 3.2-7.2 degrees Fahrenheit in the next 100 years if carbon dioxide emissions are not dramatically reduced. (3) An increase of even a few degrees could have major adverse impacts on both the natural and man-made environments, due to rising sea-levels, intensification of weather events, mass extinction of species, and scarcity of water. (4) The United States is responsible for nearly 18 percent of the world's annual carbon dioxide emissions, equaling approximately 5.5 billion metric tons of carbon dioxide per year. (5) In order to stabilize the earth's climate and prevent catastrophic global climate change, the level of worldwide carbon dioxide emissions needs to be reduced 80 percent below 1990 levels by 2050. (6) A tax on the carbon content of fossil fuels will create incentives for investment and development of low and zero carbon alternatives, thereby reducing carbon dioxide emissions and while...