Cut Oil Subsidies, Not Jobs
U.S. Rep. Keith EllisonCongressman Keith Ellison represents Minnesota’s 5thCongressional District in the U.S. House of Representatives. The Fifth District includes the City of Minneapolis and surrounding suburbs and is one of the most vibrant and ethnically diverse districts in Minnesota. Rep. Ellison’s guiding philosophy is based on “generosity and inclusion” and his priorities in Congress are building prosperity for working families, promoting peace, pursuing environmental sustainability, and advancing civil and human rights.
Last week, I said that if Congress has to make cuts, we should embrace the idea of ridding ourselves of wasteful giveaways to the fossil fuel industry. Here’s an idea. Let’s cut the Master Limited Partnership loophole and fossil fuel subsidies.
The Master Limited Partnership is an obscure but harmful multibillion dollar loophole that allows fossil fuel companies to avoid all income taxes on transportation or processing of fossil fuels—things like oil pipelines. Renewable energy companies don’t have the same option, meaning the taxpayer is subsidizing polluters at the expense of cleaner, renewable energy. The total cost to the taxpayer? 2.4 billion dollars every 5 years. Now, some folks propose to extend the Master Limited Partnership to green industries. That’s fine, but what about leveling the playing field and cutting the deficit at the same time? deduct by claiming they are manufacturers, and the almost $11 billion we will lose from free leases to drill on public land.
Read the full article in Daily Kos.