Highlights
The Biden Administration on May 28, 2021, released its fiscal year (FY) 2022 budget. The $6 trillion budget, the largest since World War II, focuses on rebuilding the nation s aged infrastructure, augmenting the social safety net and combatting income inequality. The theme is to grow the U.S. economy from the bottom up and middle out, and not from the top down.
To fund some of these expenditures, the Biden Administration proposes to increase taxes on the wealthy and corporations and to enhance Internal Revenue Service (IRS) compliance, information and enforcement initiatives, projected to raise $3.6 trillion in revenues over a decade.
This Holland & Knight alert provides an overview of the proposed corporate and individual income tax increases as detailed in the U.S. Department of the Treasury May 2021 General Explanations of the Administration s Fiscal Year 2022 Revenue Proposals (the so-called Green Book). Subsequent alerts will focus on discrete topics, such as the i
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When it comes to the U.S. oil and gas industry’s greenhouse gas pollution, I tend to think of well-known and much-hated oil giants like Chevron and Exxon. But a new analysis released Tuesday shows that when it comes to the energy sector’s methane emissions, these massive firms aren’t the only major contributors. Small, relatively unknown fossil fuel drillers are some of the worst culprits, particularly when it comes to methane emissions.
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The research, which was commissioned by Clean Air Task Force and Ceres with support from Bank of America and conducted by the energy consultancy M.J. Bradley & Associates, analyzes federal emissions data from the Environmental Protection Agency. As the New York Times pointed out, it shows that Hilcorp Energy, one of the largest privately held exploration and production fuel firms, is the single biggest contributor to fossil fuel methane emissions.