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1 Alex Muresianu & William McBride, A Guide to the Fossil Fuel Provisions of the Biden Budget 1 (2021)

handle is hein.taxfoundation/getteflfl0001 and id is 1 raw text is: A Guide to the Fossil Fuel
*                             Provisions of the Biden Budget
FI SCAL                      Alex Muresianu    Federal Policy Analyst
FACT                         William McBride  Vice President of Federal Tax and Economic Policy
No. 778
Sept. 2021
Key Findings
 The Biden administration's budget proposals have several provisions focused
on raising taxes on the U.S. fossil fuel industry.
 These proposals largely depart from neutral tax policy and intentionally target
the industry.
 Internal Revenue Service data does not indicate any substantial tax
preference for the fossil fuel industry, rather indicating the industry pays
relatively high levels of tax.
 Raising taxes on U.S. production and ownership of fossil fuel, both
domestically and abroad, mainly disadvantages U.S. companies and workers
in favor of foreign suppliers.
 Taxing fossil fuel consumption, for example through user fees or more
comprehensively through a carbon tax, would avoid the problem of creating
preferences for foreign-owned fossil fuel.
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