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Today Senator Bernie Sanders (I-Vt.) and Representative Keith Ellison (D-Minn.) introduced the End Polluter Welfare Act, legislation that goes further than any previous bill to unwind the web of government subsidies for the fossil fuels industry. If enacted the bill would save taxpayers over $10 billion a year.
In Congress Senator Menendez (D-N.J.) and Representatives Earl Blumenauer (D-Ore.) and Ed Markey (D-Mass.) have led the charge to end these wasteful giveaways to polluting corporations. Their efforts, and others, have really laid the foundation and Sanders and Ellison have built off by including cuts that have never been introduced before.
The cost of many of the provisions in the bill have yet to be analyzed, so it is impossible to know exactly how much money is flowing from taxpayers to fossil fuel corporations through the subsidies this bill seeks to eliminate. Conservatively, we estimate that taxpayers would save about $110 billion over the next ten years if the bill were passed.