Fossil fuel subsidies – May 2019 report

Fuel subsidies defy green trend amid rising climate alarm AFP reports that despite warnings of “climate catastrophe” and calls for transitions to green economies, “the world is still spending hundreds of billions of dollars every year to subsidise the fossil fuels that are causing the planet to overheat”. It cites the findings of an International Energy Agency report from last …

5 important questions about carbon taxes, answered

A carbon tax can lower emissions, but it needs to be pretty damn high. By David Roberts@drvoxdavid@vox.com  Updated Oct 18, 2018 Shutterstock Carbon taxes are in the news these days. In recent months, not one but two conservative national carbon tax proposals have emerged, disrupting the usual partisan dynamic on climate policy. First there was the proposal from the Climate Leadership Council, a group …

$3.5 billion in direct fossil fuel subsidies handed out by US govt every year, not to mention billions in indirect subsidies, like allowing fossil fuel companies to freely pollute the world’s atmosphere and oceans, endangering life on Earth as we know it, without paying a dime

$3.5 billion in direct fossil fuel subsidies handed out by US govt every year, not to mention billions in indirect subsidies, like allowing fossil fuel companies to freely pollute the world’s atmosphere and oceans, endangering life on Earth as we know it, without paying a dime Who’s Behind The War On Electric Cars? May 17th, 2019 by Steve Hanley on Clean Technica If you …

San Francisco supervisor introduces IPO tax proposal

Jason Plautz, Smart City Dive April 29, 2019 May 10, 2019: San Francisco Supervisor Gordon Mar introduced his proposal for an initial public offering (IPO) tax outside of city hall on Thursday, just before Uber’s first day of trading on the stock market in the largest IPO of the year. Mar said six supervisors support the proposal, according to the San Francisco Business Times, which …

Study: U.S. Fossil Fuel Subsidies Exceed Pentagon Spending

These subsidies are largely invisible to the public, and don’t appear in national budgets. But according the the IMF, the world spent $4.7 trillion — or 6.3 percent of global GDP — in 2015 to subsidize fossil fuel use, a figure it estimated rose to $5.2 trillion in 2017.  The world would be richer and healthier if the full costs of fossil …

But how do we pay for it (or we can’t pay for it)…

Excerpt, Business Green and The New Economics Foundation, April 2019 It would be remiss not to point out that the guy in charge of President Kennedy’s budget didn’t think the country could afford to put a man on the moon, and the UK Treasury didn’t want to build the Victoria Line (or set up a Green Investment Bank, as just one more …

How momentum is growing to tax the rich and reduce inequality

In the middle of the last century, there was a large and secure working class. Then, changes to the tax structure distributed more and more of the wealth to the richest and hollowed out the middle class. Now, levels of inequality in the United States are unsustainable as the top one-tenth of one percent (0.1%) has wealth equal to the …

The IRS Tried to Take on the Ultrawealthy 10 Years Ago. It Didn’t Go Well.

Ten years ago, the tax agency formed a special team to unravel the complex tax-lowering strategies of the nation’s wealthiest people. But with big money — and Congress — arrayed against the team, it never had a chance. by Jesse Eisinger and Paul Kiel in ProPublica,  April 5, 2019  GUTTING THE IRS Who Wins When a Crucial Agency Is Defunded. ProPublica is a nonprofit newsroom based …