Yesterday was tax day. Nearly every citizen in this country pitched in and paid their taxes. This money went to pay for critical social services – like the Fire Department, Hospitals, Police, and more. Unfortunately, some of it went to subsidize industries and corporations that are hurting our communities, our national security and our environment.
Large corporations, like oil companies, are moving their money to offshore banks to avoid paying taxes. This phenomenon is egregious because these companies aren’t paying their fair share. What’s worse is that they dodge taxes while taking federal subsidies.
Earlier this year President Obama moved to eliminate $36.5 billion in subsidies to oil companies over the next 10 years. That’s a good start for companies that do everything they can to avoid pitching in.
The American Petroleum Institute (API), which lobbies for the fossil fuel industry in Congress, immediately attacked the President’s idea – calling it a new energy tax when ordinary Americans cannot afford new taxes.
Despite the rhetoric of API and the rest of the dirty energy lobby, however, what the public really can’t afford is continuing to subsidize the most profitable companies in the world with our tax dollars. Every dollar we give to oil companies is one less dollar that can be used for innovation and new technologies that will move us into the 21st century. According to a wide-range of research compiled by the Center for American Progress, clean energy technology creates more jobs than staying with the fossil-fueled status quo. In addition, eliminating
While oil companies continue to receive billions in subsidies, new energy technologies like solar, wind and geothermal receive far less and yet, they remain the fastest growing sectors of our economy. As young people, we understand the need for a clean energy future – its time for the Senate to invest in the new technology and innovation. More and more of us are graduating from school and entering the job market, and we are excited about the opportunities of a clean energy job. We hope the Senate is paying attention.