Miguel Afonso Caetano on Nostr: A pity because Los Angeles is such a beautiful city... Next wildfire: Inner Portugal? ...
A pity because Los Angeles is such a beautiful city... Next wildfire: Inner Portugal?
"The new report, released Wednesday by the Climate Center, a think tank focused on California climate solutions, details how oil and gas companies and their allies used campaign donations, lobbying dollars, and legal pressure to establish a tax loophole that allows corporations to reduce their taxable state income by avoiding reporting foreign profits and losses, if the company elects to do so.
This tax loophole, called the “water’s edge election,” is California’s largest business tax break. The loophole allows corporations to avoid paying more than $4.3 billion in state corporate tax revenue each year and specifically gives oil and gas companies upward of $146 million in annual tax breaks, researchers found.
In 2023, ExxonMobil, Chevron, and Shell made more than $83 billion in profits. In 2024, Chevron announced that it would be moving its headquarters out of California but will continue operating in the state. The oil company is also one of California’s largest greenhouse gas polluters."
https://jacobin.com/2025/01/california-los-angeles-wildfires-oil
#USA #California #LA #LosAnageles #WildFires #BigOil #Lobbying #ClimateChange #GlobalWarming
"The new report, released Wednesday by the Climate Center, a think tank focused on California climate solutions, details how oil and gas companies and their allies used campaign donations, lobbying dollars, and legal pressure to establish a tax loophole that allows corporations to reduce their taxable state income by avoiding reporting foreign profits and losses, if the company elects to do so.
This tax loophole, called the “water’s edge election,” is California’s largest business tax break. The loophole allows corporations to avoid paying more than $4.3 billion in state corporate tax revenue each year and specifically gives oil and gas companies upward of $146 million in annual tax breaks, researchers found.
In 2023, ExxonMobil, Chevron, and Shell made more than $83 billion in profits. In 2024, Chevron announced that it would be moving its headquarters out of California but will continue operating in the state. The oil company is also one of California’s largest greenhouse gas polluters."
https://jacobin.com/2025/01/california-los-angeles-wildfires-oil
#USA #California #LA #LosAnageles #WildFires #BigOil #Lobbying #ClimateChange #GlobalWarming