1. Short title This Act may be cited as the Tax Pollution, Not Profits Act . 2. Greenhouse gas emissions (a) In general Chapter 38 of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new subchapter: E Greenhouse Gas Emissions Sec. 4691. Tax imposed on greenhouse gas emissions. Sec. 4692. Border adjustments. Sec. 4693. Definitions and other rules. 4691. Tax imposed on greenhouse gas emissions (a) In general There is hereby imposed a tax on greenhouse gas emissions from fossil fuel products and on greenhouse gas emissions from any person who is required to report emissions, or to which emissions are attributed, under subpart A of part 98 of title 40, Code of Federal Regulations, as in effect on the date of the enactment of the Tax Pollution, Not Profits Act , and emitted not less than 25,000 tons of carbon dioxide emissions or carbon dioxide equivalent emissions during the preceding calendar year. (b) Application of tax The Secretary shall apply to the person responsible for reporting under part 98 of title 40, Code of Federal Regulations, unless, in consultation with the Administrator of the Environmental Protection Agency, the Secretary determines that applying the tax to a different person would be less burdensome and would not have the effect of increasing carbon dioxide equivalent emissions. (c) Amount of tax In 2018, the amount of the tax will equal $30 per metric ton of carbon dioxide or carbon dioxide equivalent. The amount in the preceding sentence shall be increased each subsequent year by 4 percent above inflation, as measured by the Consumer Price Index for all urban consumers (all items