Biden Tax Plan Targets Fossil Fuel Subsidies Worth $35 Billion

April 8, 2021, 10:00 AM

President Joe Biden’s plan to eliminate subsidies claimed by oil and gas companies and raise levies on corporate polluters would increase government receipts by $35 billion over the coming decade.

The benefits of these subsidies are currently concentrated “within a handful of large firms,” the Treasury said in the Made In America Tax Plan releasedWednesday. The report expands on tax proposals in Biden’s $2.25 trillion economic package unveiled last week.

The plan is likely to meet stiff resistance from the oil and gas industry and its supporters on Capitol Hill. Biden already surprised many executives in the first...

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