Chevron, one of the world’s largest oil companies, paid no federal income tax last year, according to a new report, while American taxpayers continue to face billions of dollars in costs to pay for the climate change damages that Chevron and other Big Oil companies knowingly helped create.
News & Analysis
December 19, 2019
According to data released today by the Institute on Taxation and Economic Policy, Chevron paid zero dollars in federal income taxes in 2018, despite making more than $4.5 billion in profits. The report found that the oil, gas, and pipeline industry overall benefited from massive tax breaks, paying one of the lowest effective corporate tax rates (3.6%).
Chevron has built its fortune through fossil fuel products that contribute to sea-level rise, extreme weather, and other costly damages associated with climate change that American taxpayers are having to foot the bill for every day.
It is absolutely disgraceful that our political system allows a multi-billion dollar corporation to escape paying its fair share of these costs while Chevron’s products continue to ravage our climate and drive up costs for everyone else.
This injustice is exactly why the Center for Climate Integrity supports the growing number of communities across the country who are taking Big Oil companies like Chevron to court to pay their fair share of the costly climate damages they knowingly helped create.
In a report released earlier this year, we found that coastal and tidal communities in the lower 48 states will have to spend more than $400 billion by 2040 to pay for seawalls needed to protect infrastructure, property and lives from climate-driven sea-level rise.
Taxpayers should not be left holding this bill alone. Big Oil companies like Chevron must be held accountable to pay their fair share.