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Illustration: Sarah Grillo/Axios

The Treasury Department estimates its plan to end subsidies for fossil fuel companies would bring in over $35 billion in federal revenue over 10 years.

Driving the news: "The main impact would be on oil and gas company profits. Research suggests little impact on gasoline or energy prices for U.S. consumers and little impact on our energy security," officials said in a report on the wider White House tax policy proposal.

  • The White House has not spelled out precisely what tax code provisions that affect fossil fuel companies they want to change.
  • But past Democratic proposals have taken aim at areas like write-offs for certain drilling costs and the oil-and-gas industry's eligibility for deductions on manufacturing income.
  • The White House is looking to boost tax revenue from the oil industry while expanding tax incentives for renewable power, creating new transmission and storage credits and more.

The other side: The oil-and-gas industry argues that it doesn't get special treatment under the tax code, and instead uses provisions aimed at spurring a wide range of business investment.

Via Reuters, the American Petroleum Institute argues that "Targeting specific industries with new taxes would only undermine the nation’s economic recovery and jeopardize good-paying jobs, including union jobs.

Go deeper: Biden Tax Plan Targets Fossil Fuel Subsidies Worth $35 Billion (Bloomberg)

Go deeper

Treasury details Biden's plan to raise $2 trillion through corporate tax hikes

Photo: Oliver Contreras/Sipa/Bloomberg via Getty Images

The Treasury Department released details on Wednesday of President Biden's plan to hike corporate taxes over the next 15 years to raise about $2 trillion for his sweeping jobs and infrastructure proposal.

Why it matters: The plan will likely serve as a roadmap as Democrats in Congress craft legislation to enact Biden's $1.9 trillion American Jobs Plan, which seeks to fulfill a range of campaign promises to fix the country’s crumbling infrastructure, slow the growing climate crisis and reduce economic inequality.

Ben Geman, author of Generate
Apr 7, 2021 - Energy & Environment

Report: Energy jobs pay far above the national average

Expand chart
Data: Energy Futures Initiative et al. report; Chart: Sara Wise/Axios

New data shows both the promise and peril of the White House push to speed deployment of renewables while also accelerating the transition away from fossil fuels.

Driving the news: A report on energy industry wages across sectors shows that they're far above the national median and more likely to provide healthcare and retirement benefits than the national average.

Minnesota's gas tax fight is back

Illustration: Rebecca Zisser/Axios

Minnesota House Democrats have quietly revived a push to raise the state's gas taxes.

What's happening: A transportation budget bill released this week proposes increasing the tax by a projected 5 cents over the next four years, based on inflation.

  • Additional revenue for roads and transit would come from higher motor vehicle taxes and a 0.5% transit sales tax in the metro.