" New Report Reveals U.S. SUBSIDIZES FOSSIL FUELS With An Additional $4 BILLION Per Year A new report released yesterday by Oil Change International and Earth Track exposed BILLIONS in subsidies to the fossil fuel industry that have been largely ignored...until now. The largely unaccounted for subsidy to the fossil fuel industry through tax avoidance via a corporate structure called “master limited partnerships (MLPs)” is valued at roughly $4 billion per year and growing. Though eliminated for most U.S. industries more than a quarter century ago, special rules protected eligibility for fossil fuels, and have allowed a growing range of oil and gas activities to escape corporate income taxes entirely. The report," Too Big to Ignore: Subsidies to Fossil Fuel Master Limited Partnerships", finds that the oil, gas and coal sectors have increasingly dominated the MLP universe, now comprising well over three-quarters of the total. Existing estimates of the taxpayer costs associated with fossil fuel MLPs are deceptively low, reducing the pressure to end this tax break once and for all. READ more here: >> bit.ly/HiddenHandouts >> ecowatch/2013/report-reveals-additional-fossil-fuel-subsidies/ SHARE to help shed light on this polluter handout! TAKE ACTION: endfossilfuelsubsidies.org/ gofossilfree.org/ priceofoil.org/ shiftthesubsidies.org/ Image credit: Oil Change International" -- Courtesy of 1,000,000 Strong Against Offshore Drilling
Posted on: Wed, 24 Jul 2013 08:46:37 +0000
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