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You are here News Energy Biden tax plan replaces fossil fuel subsidies with incentives for clean energy -U.S. Treasury

Biden tax plan replaces fossil fuel subsidies with incentives for clean energy -U.S. Treasury

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Joe Biden energy plan

U.S. Treasury Secretary Janet Yellen on Wednesday released a tax hike plan that would replace subsidies for fossil fuel companies with incentives for production of clean energy.

The proposal is part of wider plan on taxes, which includes boosting the corporate income tax rate from 21% to 28%, linked to Biden's $2.3 trillion infrastructure package.

A Treasury Department office estimated that eliminating the subsidies for fossil fuel companies would boost government tax receipts by more than $35 billion in the coming decade.

The "Made In America" tax plan did not specify which tax breaks for fossil fuel companies would be targeted. But it said the subsidies undermine long-term energy independence and the fight against climate change and harm air and water quality in U.S. communities, especially in communities of color.

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