Huge Special Privileges
Tax Breaks for Polluters Soar to $20.1 Billion in New Millennium
| Friends of the Earth is the environmental organization that best understands the economic factors that lead to environmental degradation. Here is a brand-new communication from them. |
Washington, DC -- A new analysis by Friends of the Earth reveals that the cost of tax breaks for special interests is growing rapidly, adding urgency to proposals to cut these subsidies announced by several Presidential candidates. Using information from the non-partisan Congressional Joint Committee on Taxation, Friends of the Earth shows that tax breaks for polluting industries will grow to $20.1 billion over the next five years.
In January, Democratic Presidential candidate Bill Bradley called for the elimination of a variety of tax breaks and special subsidies for polluting industries, including chemical companies. Bradley specifically targeted tax breaks and subsidies for oil & gas, mining, and agribusiness industries. On January 11, Senator John McCain, a Republican candidate for President, proposed eliminating special-interest loopholes in the tax code, targeting specific provisions for energy, oil, gas, and mining industries.
Friends of the Earth Commends Presidential Candidates for Tackling Corporate Welfare That Harms the Environment
"We are pleased that some Presidential candidates are tackling special-interest give-aways," said Gawain Kripke, Economics Campaigns Director. "Tax breaks for pollution are growing more expensive and are damaging to the environment." Friends of the Earth's analysis shows that cost estimates for oil and gas subsidies have grown from $10.4 billion to over $13 billion. Estimated tax subsidies for the mining industry grow from $1.9 billion to $2.0 billion over the next five years. Friends of the Earth's analysis is based on information in the Joint Committee on Taxation's report Estimates of Federal Tax Expenditures for Fiscal Years 2000 - 2004."Tax loopholes continue to reward corporations that pollute the air and water, drill for oil and gas, and cut down forests," said Brian Dunkiel, Friends of the Earth's Director of Tax Policy. "It is time to put an end to these unnecessary and harmful subsidies."
Friends of the Earth's report Dirty Little Secrets identifies the 15 worst tax breaks against the environment. You can view this report on the world wide web at http://www.foe.org/DLS
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Friends of the Earth is located at 1025 Vermont Ave. NW - Washington, DC 20005 USA. Tel: 202-783-7400 - Fax: 202-783-0444 - email: foe@foe.org
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