Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Press Release

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:

"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.

###

Greenpeace logo

Greenpeace is a global, independent campaigning organization that uses peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future.

NYC Mayoral Candidate Eric Adams Rebuked for 'Dangerous' 400-Students-to-1-Teacher Theory

"Defunding schools to the point that we have a 400:1 student-to-teacher ratio so we can bankroll another huge expansion in an already-multibillion dollar police budget," said Rep. Ocasio-Cortez, "is how you build a school-to-prison pipeline."

Jon Queally, staff writer ·


Lack of Patent Waiver Would Add Over $70 Billion to Cost of Vaccinating World: Oxfam

Most of that money, said a spokesperson for the group, "will go directly into the pockets" of Big Pharma shareholders.

Jon Queally, staff writer ·


Darnella Frazier Receives Pulitzer Special Citation 'for Courageously Recording the Murder of George Floyd'

"Without Darnella, Derek Chauvin never would have been tried and George Floyd would have been blamed by the state for his own death."

Brett Wilkins, staff writer ·


'We Are Sounding the Alarm': Global Left Warns Right-Wing Fujimori Trying to Steal Election in Peru

"Fujimori’s only way forward to victory is simple: annul tens of thousands of already tallied votes," warned Progressive International. "Powerful forces are organizing to deliver this outcome."

Andrea Germanos, staff writer ·


'Climate Denial Masquerading as Bipartisanship': Progressives Reject Latest Infrastructure Compromise

"Refusing to act on climate means selling out future generations. The future of our planet and the health of our communities are non-negotiable."

Jake Johnson, staff writer ·