April 13, 2021
Treasury Secretary Janet Yellen released bits of the Biden administration's Future Tax plan which is linked to the $2.3 trillion infrastructure proposal. Titled “Made in America”, the plan eliminates many subsidies for fossil fuel companies and introduces a host of incentives for alternative energy. The treasury estimates that the fossil fuel measures will save $35 billion over the next decade. Such measures are the elimination of the drilling costs reduction, which on its own is estimated to generate $13 billion in the same decade. Additionally, the bill extends the investment tax credit for green energy and incentivizes sustainable aviation fuel. Finally, the bill raises the corporate tax rate from 21% to 28%.
FINSUM + Magnifi: Expect these proposals to be met with harsh reactions by the fossil fuel industries and lobbyists. A corporate tax hike was part of a broader push to equalize corporate tax rates across countries by secretary Yellen, but
don’t expect other countries to jump on board.
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