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Biden tax plan replaces fossil fuel subsidies with incentives for clean energy -U.S. Treasury

·1 min read

WASHINGTON, April 7 (Reuters) - The Biden administration on Wednesday released a tax plan that would replace tax breaks for fossil fuel companies with incentives for production of clean energy, the U.S. Treasury Department said.

The proposal is part of wider plan on taxes that includes boosting the corporate income tax rate from 21% to 28% to help pay for Biden's more than $2 trillion infrastructure package. A Treasury Department office estimated that eliminating the subsidies for fossil fuel companies would boost government tax receipts by more than $35 billion in the coming decade. (Editing by Jonathan Oatis)