Adapting to our warming world is expensive. It costs a lot to build sea walls, cure disease outbreaks, and rebuild after floods. It takes money to invent better batteries, turn farms into carbon sinks, and replace polluting power plants with clean energy.
Instead of maybe taxing carbon emissions to pay for all this, the United States is giving tax breaks to the giant corporations profiting from fossil fuels. Several of the biggest of them paid no taxes last year, according to a new report from the Institute on Taxation and Economic Policy, or ITEP, a nonpartisan think tank. It’s the first look at the effect of the 2017 Trump tax cuts, which slashed the corporate tax rate from 35 percent to 21 percent. Companies are still finding ways to avoid paying anything. Read more