Rep. Jim McDermott (D-Wash.) introduced legislation Thursday that would tax carbon emissions, sparking criticism from the GOP.

The price on carbon would ramp up over time to incentivize greenhouse gas emission reductions, McDermott said in a statement. He said the bill would reduce carbon dioxide emissions by 80 percent compared with 2005 levels within 42 years.

A quarter of those carbon fees would go toward deficit reduction, with the remaining portion used to offset price increases.

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