Gunnar Merrick

President Joe Biden’s recently unveiled a tax plan to accompany his $2 trillion infrastructure proposal that takes direct aim at fossil fuel subsidies in favor of clean energy incentives. The “Made in America Tax Plan” is set to raise the corporate income tax rate from 21% to 28% and replace fossil fuel subsidies with clean energy incentives. The plan outlines several clean energy tax credits, including a 10-year extension of wind, solar, and battery tax credits, but does not specify which fossil fuel subsidies could face the chopping block.