What gifts will the fossil fuel industry receive this year courtesy of the American Taxpayer? Find out in our ongoing 12 days of Giveaways holiday guide to the gifts we give to Big Oil, Big Gas, and King Coal.
On the tenth day of fossil fuel giveaways we gave the oil, gas and coal industry...
Capital Gains Treatment of Certain Royalties (coal) - Cost: $1.1 billion
Elimination of this special rule is projected to raise $1.1 billion in revenues through FY 2020. Instead of having certain royalties from coal being subject to income tax rates, the United States government allows them to be a taxed at a substantially lower rate. Capital gains tax rates are much lower than income tax rates, yet that’s what coal royalties are taxed at. Does the fossil fuel industry need more help to turn a profit? We think not. We need investments and opportunities for clean and renewable energy, not preferential treatment for fossil fuels.
The Dirty Dozen: