According to a new report issued by the American Council for an Energy-Efficient Economy (ACEEE), a tax reform will provide Congress with opportunities to promote energy efficiency and remove barriers through the tax code. ACEEE’s executive director, Steven Nadel, notes that Congress should seriously consider energy efficiency and a cleaner environment when rewriting the tax code in the upcoming months. The authors of ACEEE’s report, Tax Reforms to Advance Energy Efficiency, find that changes in the tax code such as promoting capital investment in manufacturing and encouraging advanced energy saving technologies would pay for themselves as the increased energy savings increase profits and tax receipts. There is also a strong possibility for an increase in employment by an average of 164,000 jobs over the 2014-2030 period. This recent report goes into additional details concerning the reduction of subsidies for fossil fuels, emissions fees, and radical change to the business tax code to reduce marginal tax rates. As the tax code is rewritten, Congress can greatly affect the lives of Americans by modernizing the manufacturing sector and promoting advanced energy-saving technologies.
Source: American Council for an Energy-Efficient Economy – News Release