Challenge

0 shares

Tax Breaks in the US are Subsidizing Oil Companies

Annually, the United States government gives out $20.5 billion to support the production of oil, coal, and gas, with $17.2 billion of that coming at the federal level and $3.3 billion coming at the state level. A large percentage of the subsidies that fossil fuel companies receive in the United States comes in the form of tax breaks.
10M
People Impacted
$ 18B
Potential Funding
I have this challenge
the problem
Nature and Context

A large percentage of the subsidies that fossil fuel companies receive in the United States comes in the form of tax breaks. Oil companies, for instance, are able to claim costs associated with cleaning up after an oil spill as a standard business expense. That means that of the when the U.S. attorney general fined BP with a $20.8 billion dollar settlement in October for its role in the Deepwater Horizon disaster, BP can legally claim a large portion of that settlement as a tax deductible business expense – only $5.5 billion of the fine cannot be classified as such.

Input Needed From Contributing Editors
(click on any tag to contribute)