To build back better, put a fee on corporate carbon pollution

As Democrats negotiate a revised plan to “build back better,” they should include a corporate pollution fee that puts innovation at the center of U.S. climate policy, holds corporations accountable for their carbon emissions and makes the tax code fairer for American families.

The idea, championed by Sen. Sheldon WhitehouseSheldon WhitehouseHillicon Valley — Presented by American Edge Project — Americans blame politicians, social media for spread of misinformation: poll Democrats urge federal agencies to address use of cryptocurrencies for ransomware payments Taxing new plastic is the cheapest way to address its environmental impact MORE (D-R.I.), picked up steam recently when White House Spokesperson Jen PsakiJen PsakiOvernight Health Care — Presented by EMAA — CDC sets panel meeting for remaining boosters, Pfizer vaccine for kids Biden signs bill to help victims of ‘Havana syndrome’ White House links Biden’s bad polling to pandemic MORE said that a corporate carbon fee would not violate President BidenJoe BidenMcConnell vows GOP won’t help raise debt ceiling in December after Schumer ‘tantrum’ Ilhan Omar to Biden: ‘Deliver on your promise to cancel student debt’ Overnight Health Care — Presented by EMAA — CDC sets panel meeting for remaining boosters, Pfizer vaccine for kids MORE’s pledge to not raise taxes on people making under $400,000. “Polluter fees on corporations do not conflict with the $400,000 pledge,” she told reporters.

The proposal already has the backing of two powerful senators who are heavily involved in the effort to enact President Biden’s agenda: Sen. Ron WydenRonald (Ron) Lee WydenOvernight Energy & Environment — Biden set to restore national monuments rolled back by Trump Hillicon Valley — Presented by American Edge Project — Russia dominant force behind cyberattacks in last year, report finds Lawmakers introduce bill to limit data collection at border crossings MORE (D-Ore.), the chairman of the Senate Finance Committee, and Sen. Chris CoonsChris Andrew CoonsGOP tries to take filibuster pressure off Manchin, Sinema Manchin opens door to deal in range of .9T to .2T Congress comes to the aid of Libyan people, passing bill ordering probe into war crimes and torture MORE (D-Del), a close confidant of the president.

Here’s how a corporate pollution fee can help fulfill Biden’s Build Back Better agenda.

First, a corporate pollution fee makes the tax code fairer. A properly designed fee on corporate carbon pollution can put more money in the pockets of Americans earning under $400,000.

Today, American taxpayers are paying a hidden climate tax as the government shoulders huge costs of recovery from climate disasters. The most recent stopgap funding bill included $28.6 billion for much-needed relief from recent disasters, including this year’s colossal wildfires and severe drought. As climate change accelerates, Congress writes these disaster checks for more money, and more often.

Governments…