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Photo: Florian Gaertner/Photothek via Getty Images

A bipartisan handful of House members unveiled a carbon tax plan last night that stands no chance of becoming law, at least not for years.

Why it still matters: It's a marker for efforts to move national carbon pricing beyond the think tank and advocacy world, where it has largely been exiled since a big cap-and-trade plan collapsed in the Senate in 2010. And it could help shape what emerges if climate legislation gains traction under a different president, and if there's a shift in congressional power with either firm Democratic control or erosion of what's now almost unified GOP's resistance.

Reality check: Needless to say, those are big caveats. Carbon taxes face opposition from advocacy groups that are influential in GOP circles.

Driving the news: Florida Democrat Ted Deutch unveiled the bill with two other Democrats and two Republicans. The bill would impose an initial $15-per-ton carbon "fee" on fossil fuel producers, processors and importers.

  • It rises $10 annually.
  • All the revenues are returned to the public.
  • The plan would remove some but not all greenhouse gas regulations.
  • Deutch's co-sponsors are Democrats John Delaney and Charlie Crist, and Republicans Francis Rooney and Brian Fitzpatrick.
  • They plan to quickly re-introduce it in the next Congress.

By the numbers: The plan aims to cut U.S. carbon emissions by 33% from 2015 levels within 10 years and by 90% by 2050. The sponsors say it would create 2.1 million net jobs within 10 years and prevent 13,000 pollution-related deaths annually.

Another reason the bill matters: It's a useful starting point for comparing various legislative proposals floating around.

  • That's what Noah Kaufman of Columbia University's Center on Global Energy Policy does in this new analysis, which basically finds it more effective.

Where it stands: It has support from some conservative groups pushing carbon taxes as a market-friendly climate policy and some environmental groups.

  • According to the sponsor's press release, backers include: Citizens Climate Lobby, Climate Leadership Council, The Nature Conservancy, Alliance for Market Solutions, Environmental Defense Fund, RepublicEn, Niskanen Center, National Wildlife Federation, and the National Audobon Society.
  • It also drew supportive statements from the Center for Climate and Energy Solutions and the World Resources Institute.

Go deeper: The cost of climate change

Go deeper

Acting Capitol Police chief: Phone logs show Jan. 6 National Guard approval was delayed

Pittman at a congressional tribute for fallen officer Brian Sicknick. Photo: Erin Schaff-Pool/Getty Images

Acting U.S. Capitol Police chief Yogananda Pittman testified on Thursday that cellphone records show former USCP chief Steven Sund requested National Guard support from the House sergeant-at-arms as early as 12:58pm on Jan. 6, but he did not receive approval until over an hour later.

Why it matters: Sund and former House sergeant-at-arms Paul Irving clashed at a Senate hearing on Tuesday over a dispute in the timeline for when Capitol Police requested the National Guard during the Capitol insurrection.

Manhattan prosecutors reportedly obtain millions of pages of Trump's tax records

Photo: Al Drago/Bloomberg via Getty Images

The Manhattan district attorney is now in possession of millions of pages of former President Trump's tax and financial records, CNN first reported, following a Supreme Court ruling that allowed prosecutors to enforce a subpoena after a lengthy legal battle.

Why it matters: Trump fought for years to keep his tax returns out of the public eye and away from prosecutors in New York, who are examining his business in a criminal investigation that was first sparked by hush-money payments made by Trump's former fixer Michael Cohen during the 2016 election.

Dion Rabouin, author of Markets
3 hours ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."