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 ninth day of fossil fuel giveaways we gave the oil, gas and coal industry...
Percentage Depletion for Coal Mining - Cost: $1.1 billion
This tax break for coal allows companies to mine and mine until there is no more coal, write it off, and move on to the next mountaintop to blow off. Furthermore, this subsidy is based on revenue and not costs. This means that fossil fuel companies get an even bigger cut when prices are high, at the exact time they least need them! It even occasionally give coal companies a pass on paying federal income taxes. This is special treatment that should be repealed to put the fossil fuel industry on equal footing with everyone else.
The Dirty Dozen: