Biden administration announced that fossil fuel subsidies will replace tax plan
On Wednesday fossil fuel subsidies with incentives replaced tax plan, President Joe Biden announced. The change is brought for the production of clean energy, said the U.S. Treasury Department.
The proposed plan gives more chance of increasing the corporate income tax rate from 21% to 28% helping Biden to pay more than $2 trillion infrastructure package.
According to fossil fuel companies, the bill would boost government tax receipts by more than $35 billion in the coming decade.