Launch of Energy Tax Breaks Wiki
Policy Integrity recently launched a wiki aimed at providing a better understanding of how energy sectors are subsidized by the tax code. The wiki will gather the expertise of lawyers, economists, tax professionals, and concerned citizens to catalog tax breaks received by the fossil and renewable energy industries.
President Obama made a target of oil subsidies in his State of the Union, but estimates for the amount of assistance energy companies receive have ranged widely. With the federal deficit and cutbacks playing a prominent role in political issues, a clearer picture of how much of taxpayer dollars goes to these businesses is essential.
The record profits posted by companies like Exxon suggest that their tax subsidies could be allocated more efficiently elsewhere. The first step in deciding on the appropriate level of tax breaks for these types of industries would be finding out what they’re getting right now.