President Joe Biden’s budget proposes to scrap more than $45 billion in fossil fuel subsidies, his administration’s latest attack on the beleaguered industry.
The White House budget will remove more than a dozen fossil fuel industry tax credits, increasing the federal government’s revenue by an estimated $45.2 billion between 2023-2032, according to the proposal published Monday. The administration explained that the proposal was written to prevent further fossil fuel investment.
“These oil, gas, and coal tax preferences distort markets by encouraging more investment in the fossil fuel sector than would occur under a neutral system,” the Department of the Treasury wrote in its general budget explanation.
“This market distortion is detrimental to long-term energy security and is also inconsistent with the Administration’s policy of supporting a clean energy economy, reducing our reliance on oil, and reducing greenhouse gas emissions,” the department added.
- CRISIS IN SRI LANKA, No Gas, No Food, Country is Bankrupt, Politicians Being Beat, Murdered, Gov Buildings on Fire, Over 3000 killed in last 24 hours
- New York Post: Front Page: “Joe’s Train Wreck”
- How Has Monkeypox Spread All Over The Globe At Lightning Speed?
- 12 Nightmarish Economic Trends That We Should Expect To See During The 2nd Half Of 2022
- LeBron’s Son Takes a Pretty White Girl to Prom – All the Black Girls Have a Twitter Melton Down
- Everyone is Going to Starve to Death Because of American Lunacy
- Fed Insider: “The Fed is NOT Coming to Save Stocks This Time”
- Recession Confirmed
- Kim Dotcom’s Twitter Thread About the Great Reset
- NIH THROWS FAUCI UNDER THE BUS BIG TIME!! HE’S FINISHED THE KNIVES ARE OUT