Biden aims to cut tax breaks for oil, gas companies in budget blueprint
Biden’s attack on oil, gas fuels inflation: Cassidy
Senate Energy and Natural Resources Committee member Sen. Bill Cassidy, R-La., slams Biden’s budget for targeting fossil fuel subsidies on “The Big Money Show.”
President Joe Biden renewed his calls to slash energy subsidies for "Big Oil" companies in his budget proposal for fiscal year 2024 that was released on Thursday.
The administration views eliminating fossil fuel tax benefits as part of the administration’s stated effort to reduce the budget deficit. Office of Management and Budget Director Shalanda Young said on a press call, "This year’s budget cuts the deficit by nearly $3 trillion over the next decade by asking the wealthy and big corporations to begin to pay their fair share and by cutting wasteful spending on Big Pharma, Big Oil and other special interests."
Biden’s budget blueprint calls for the elimination or modification of more than a dozen fossil fuel tax policies, which the administration says would reduce the budget deficit by about $3 billion per year and nearly $30.8 billion over the next decade.
Some of the more significant proposed changes include ending the use of percentage depletion related to oil and gas wells, which would reduce the deficit by more than $13.8 billion over the decade, and repealing the expensing of intangible drilling costs, which would reduce the deficit by nearly $8.5 billion over the same time frame.
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