Surprise!! CEOs Are All About "Sustainability", Except When They Might Have To Help Pay For It
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The Biden administration is right now attempting to pass a $3.5 trillion spending package known as the Build Back Better Act that activists say could be a massive down payment on addressing climate change that also eases racial disparities by directing investments to disadvantaged communities.
But “woke” CEOs such as Gelsinger are part of lobbying efforts trying to torpedo it. “Make no mistake, these policies are a step backward for the U.S. economy that will harm all Americans,” reads a statement earlier this month from the Business Roundtable, a lobby group that Gelsinger belongs to along with top executives at corporations like Apple, Microsoft, BlackRock, and Disney. The Roundtable is reportedly waging “a significant, multifaceted campaign” costing potentially millions of dollars to defeat the corporate tax hikes which would help fund and make possible Biden’s Build Back Better plan — even as its individual members say there is nothing more important than stabilizing greenhouse gas emissions.
That lobbying effort includes social media posts claiming the proposed tax increases would destroy one million jobs, along with an initiative called “Recover. Compete. Win” that urges people to contact their members of Congress with the message “that higher taxes on job creators will harm American workers, stifle wage growth and slow economic recovery.” “Frankly, what’s clear about watching these business leaders and billionaire CEOs,” Janet Redman, the director of Greenpeace USA’s climate campaign, tells Rolling Stone, “is they only really care about padding their own wallets.”
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Proposed policies in the bill such as expanding tax credits for electric vehicles and renewables, bringing in a tax on methane gas, and pushing utilities to use more clean energy could potentially lower U.S. greenhouse gas emissions by up to 936 million tons by 2030, according to an analysis from the independent research firm Rhodium Group. The package also contains proposals to spend over $30 billion replacing lead pipes, which could have huge benefits for Black, Latino and low-income neighborhoods exposed to toxic drinking water, as well as a $27.5 billion Greenhouse Gas Reduction fund that’s required to make 40 percent of its investments in disadvantaged communities. “The corporate tax increases are incredibly important, because that’s a source of revenue that can help pay for the plan,” Deiseroth says. The revenue is also crucial because the Biden administration is attempting to pass the Build Back Better Act through a process called “budget reconciliation,” removing the need for Democrats to have a 60-vote supermajority with Republican support provided the plan meets strict budgetary rules — which in this case could mean offsetting its $3.5 trillion price tag with new federal revenue from higher taxes.
Kibosh the tax increase, and the plan as it currently exists could go down with it.
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https://www.rollingstone.com/politics/politics-news/build-back-better-reconciliation-bill-business-opposition-1229461/