For Immediate Release

Organization Profile: 
Contact: 

Washington DC: (202) 462-1177
San Francisco: (415) 255-9221

Biden’s Tax Plan Comes Up Short on Fossil Fuel Subsidies

WASHINGTON - Today, the Treasury Department released President Biden’s Made in America tax plan. The plan outlines savings of “$35 billion in the coming decade” from eliminating subsidies to fossil fuel corporations. However, a recent study cited in the plan itself reveals that fossil fuel corporations pocket roughly $62 billion per year in the United States through both direct and implicit subsidies.  

In response, Greenpeace USA Senior Climate Campaigner John Noël said:

SCROLL TO CONTINUE WITH CONTENT

Nonprofit. Independent. Reader-Supported

No advertising. No paywalls. No selling your data. Our content is free. Free to read. Free to republish. Free to share.
But, without support from our readers, we simply don't exist. Please, select a donation method and stand with us today.



"Biden's proposal to eliminate just $35 billion in tax credits and loopholes over a ten-year period is simply not good enough. Fossil fuel corporations receive $15 billion in direct subsidies from the federal government every year. Not a dime of our tax dollars should go towards corporations that poison our communities and wreck our climate. We urge Congress to pass the End Polluter Welfare Act, which would save taxpayers $150 billion over the next decade and allow us to invest in the clean energy economy of the future."

Authored by Rep. Ilhan Omar and Sen. Bernie Sanders, the End Polluter Welfare Act is the most comprehensive legislation to address fossil fuel subsidies and close existing tax loopholes. It will be reintroduced in Congress later this month.

###

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

Please select a donation method:



Independent campaigning organization that uses non-violent, creative confrontation to expose global environmental problems, and to force solutions that are essential to a green and peaceful future.

Share This Article