For Immediate Release
Biden’s Tax Plan Comes Up Short on Fossil Fuel Subsidies
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:
"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.