Vote for Safe, Clean, Sustainable Energy and Good Jobs - Support The People's Budget

Fy2018pb

Not one Penny in tax cuts for millionaires, billionaires and wealthy corporations. The American people can’t afford to continue providing massive tax breaks and subsidies to fossil fuel companies while they emit more climate-warming pollution. The People’s Budget requires polluters to pay for their impact on our health and the global climate while eliminating tax breaks that subsidize fossil fuel energy over cleaner energy. Our budget provides a national energy policy focused on renewables and energy efficiency. It also provides funding for communities to adapt to climate change and protects those most at risk from environmental degradation.

The People’s Budget takes necessary steps to protect current and future generations from the growing impact of more dangerous storms, community-devastating droughts, fires, and floods, rising sea levels, and increased deaths and illness due to stronger heat waves, poor air quality, and the enhanced spread of diseases.

Create Green Jobs — $500 billion of The People’s Budget’s historic $2 trillion investment in infrastructure improvements will go towards transforming and greening our energy infrastructure, which will create 2.4 million high-wage jobs. This public investment will help improve energy-efficiency standards in federal buildings and double our nation’s output of clean, carbon-free energy. The People’s Budget will also create jobs through investments in a new 21st Century smart grid that can manage safer, decentralized energy creation and spur private sector investments in clean energy production.

Eliminate Corporate Welfare for Oil, Gas, and Coal Companies — The CPC Budget repeals approximately $135 billion in fossil fuel subsidies over 10 years. The fossil fuel industry enjoys dozens of permanent subsidies thanks to decades of successful lobbying. Just one of these loopholes, the “percentage depletion allowance,” will cost taxpayers $17 billion over the next decade. Researchers at the International Monetary Fund found that in 2015 fossil fuel subsidies (including both tax breaks and the cost of health and environmental externalities) cost $5.3 trillion – or $10 million a minute.

Helping Communities Adapt — The People’s Budget increases funding for EPA climate adaptation programs and FEMA climate resiliency initiatives. It also incorporates the job training and economic development funding outlined in former President Obama’s POWER plus plan to assist displaced fossil fuel workers and communities impacted by changing energy policies.

Reinstate Superfund Taxes — Our budget reinstates the Superfund excise taxes that expired in 1995. The Environmental Protection Agency’s Superfund program, once largely funded by dedicated taxes, is now funded primarily by general revenue. Having a stable source of funding, rather than relying on year-to-year appropriations, will provide $22 billion more for cleanup of hazardous and contaminated land, often located in disadvantaged communities.

Crop Insurance Subsidies — The CPC Budget reduces the federal government’s subsidy from 60 percent to 40 percent premiums, on average. Insurance policies purchased through the program are sold and serviced by private insurance companies, which are reimbursed by the federal government. The Congressional Budget Office predicted that crop insurance will cost taxpayers $88 billion over the course of a decade.