Dirty Money, Dirty Fuels: Why Money in Politics Matters to the Environment

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http://billmoyers.com/2014/04/29/dirty-money-dirty-fuels-why-money-in-politics-matters-to-the-environment/

What if fighting dirty money in our elections was the key to fighting dirty fuels in our economy? That’s the question asked in a recent report released by the Sierra Club and Oil Change International.

From the perspective of the fossil fuel industry, political contributions are just another form of investment. The only difference is that, for the millions polluters spend on elections, they see billions in bonus profits. As the report says, “The return these polluters are getting on these political investments — in the form of billions in corporate tax handouts — exceed 5,000 percent, demonstrating that Congress remains the best ‘investment’ possible for the coal, oil and gas industries.”

You would think that at a time when both Democrats and Republicans are preoccupied with deficits and debt, cutting subsidies for polluters should be an easy move. After all, these are some of the most profitable companies in world history; surely they need government support like Bill Gates needs food stamps.
The oil and gas industries are among the worst offenders. Between 2009 and 2010, the report estimates that they spent $347 million on lobbying and campaign contributions and in return netted a handsome $20 billion in federal subsidies. Most of these came in the form of accounting gimmicks that help hide corporate profits and obscure tax breaks that help cover drilling and refining costs. Because of loopholes like these, the actual taxes paid by most big energy companies fall well below the top corporate rate of 35 percent.

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