Dingell hasn’t brought his plan to the House yet; he’s in the public-opinion gathering stage at this point. But here’s what he’s suggesting: a $50-per-ton tax on petroleum, coal, natural gas and petroleum-based products, along with an additional 50-cent-per-gallon tax on gasoline (with exemptions for diesel and biofuels). He’s also looking to roll back the mortgage interest deduction for houses larger than 3,000 square feet: the bigger the McMansion, the lower the deduction.

So, where would the money go? While I’d prefer to see it all invested in renewable energy projects (no coal or nuclear), Dingell proposes some other beneficiaries as well: an expanded Earned Income Tax Credit (that’s OK: lower-income people will need a bigger break somewhere to compensate for higher fuel costs), low-income home energy assistance (ditto), conservation, renewable energy research and development, Social Security, Medicare, children’s health insurance and universal healthcare. I suppose he figures his bill will be a tough sell, so he’s sweetening the pot with funding for other social programs. Will it be enough to win the votes needed? I’m not optimistic, but I like the way Dingell’s thinking.

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