TAMATA STATON, LAURA CARVER & PHILIP CARVER -An economically efficient policy would place a price-adder (tax) on fossil fuels based on their carbon-content. Rep. Pete Stark (D-CA) has introduced legislation to price carbon emissions — the Save Our Climate Act of 2011, H.R. 3242. Revenue is collected at the point of first sale or import. In the first ten years, the IRS would return 80 percent of the revenue to the public on an equal, per-person basis. The other 20 percent would go toward deficit reduction.