Taxpayers for Common Sense, Friends of the Earth, and the R Street Institute released a study June 26 finding that Congress could save taxpayers nearly $700 billion over 10 years be eliminating environmentally harmful subsidies and programs ranging from oil and gas industry tax breaks to loan guarantees for alternative energy projects. The report, Green Scissors 2012, identified more than 100 energy, agriculture, transportation, and public lands and water subsidies and programs that could be cut. Specifically, the report pointed to $269 billion in energy programs, including $158 billion in fossil fuel subsidies, $37 billion from the elimination of the Department of Energy’s loan guarantee program, and the elimination of the liability limitations for offshore oil drilling.
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$700 billion could be saved
- Mintz Levin Cohn Ferris Glovsky and Popeo PC
- David Leiter, Sarah Litke and Daniel Phillips
- July 1 2012
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