Exxon’s tax and subsidy griftUnearthed video highlights company’s agenda for infrastructure and subsidy repeal
WASHINGTON– A video published by Greenpeace’s investigative arm, Unearthed, featured ExxonMobil lobbyists speaking candidly about their fear of President Biden’s American Jobs Plan and their preference for weaker, bipartisan proposals that fail to address climate.
In the video, former Exxon lobbyist Dan Easley was alarmed that the Biden agenda might “take away favorable tax treatment” by repealing fossil fuel subsidies. Easley also credited the 2017 GOP tax cut as the single biggest victory of the Trump years, saying, “Tax has got to be the biggest one… It was probably worth billions to Exxon.”
A recent analysis from Friends of the Earth identified ExxonMobil as one of a handful of beneficiaries of a major subsidy hidden in the Trump tax cut. Worth $84.7 billion, the loophole exclusively benefits Exxon and a few other giant oil companies with extraction income overseas. It is being targeted for repeal by President Biden and Democrats in Congress, along with $36 billion in other fossil fuel tax subsidies.
Friends of the Earth Program Manager Lukas Ross issued the following statement in response:
Exxon must be thrilled that Biden and the Democrats are entertaining an infrastructure plan that ditches climate action. Repealing fossil fuel subsidies is an urgent climate priority and Democrats must address it now. President Biden should stop wasting time and move the reconciliation bill. The weak bipartisan offers are just Exxon’s agenda from behind the scenes.