Democrats float tax on fossil fuel producers for historical GHGs

A group of Senate Democrats is floating a proposal that would levy $500 billion in taxes over 10 years on fossil fuel producers based on their historical greenhouse gas emissions, a policy that could help fund the party’s emerging $3.5 trillion budget “reconciliation” package with climate and other economic policy priorities. The discussion draft circulated by Sen. Chris Van Hollen (D-MD) would assess the taxes based on a company’s share of global GHGs, with the New York Times noting...