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☆ Sen. Ed Markey announces bill to raise taxes on private jets and their ultra-wealthy passengers
  + stars: | 2023-07-19 | by ( Eliza Relman | ) www.businessinsider.com   time to read: +4 min
Sen. Ed Markey on Wednesday announced legislation to raise taxes on jet fuel used by private planes. Private jet travel, which is the most polluting form of transport, has surged in recent years. The bill — called the Fueling Alternative Transportation with a Carbon Aviation Tax (FATCAT) Act — would raise federal taxes on private jet fuel from $0.22 to $1.95 per gallon. Private jet travel has surged in recent years. The surge in private jet travel raises serious environmental concerns.
Persons: Sen, Ed Markey, —, Markey, Chuck Collins Organizations: Wednesday, Massachusetts Democrat, Private, Service, Carbon Aviation, Institute for Policy Studies, Patriotic Millionaires, Federal Aviation, Senate Commerce, Science, Transportation, Communities Trust Fund, Treasury, NGO Transport, Environment Locations: Massachusetts
☆ Elon Musk's private jet emitted 132 times as much carbon as the average American does in an entire year
  + stars: | 2023-05-02 | by ( Eliza Relman | ) www.businessinsider.com   time to read: +4 min
Elon Musk travels more by private jet than nearly anyone else in the US. His annual carbon footprint — just from flying private — is 132 times that of the average American. Musk's carbon footprint from his 171 private flights in 2022 was 132 times the size of the average US resident's total annual footprint from all activities, the report found. His private plane burned about 221,358 gallons of jet fuel and emitted about 2,112 metric tons of carbon emissions last year, the report found. It notes that Musk purchased an additional private plane last year — a $78 million Gulfstream G700, the world's largest purpose-built private jet — that's expected to replace his G50ER model.
☆ The ultra-wealthy who fly private are costing average flyers who won't ever use a private plane a lot of money
  + stars: | 2023-05-01 | by ( Eliza Relman | ) www.businessinsider.com   time to read: +4 min
Private jet travel has surged in the US over the last few years and accounts for one in every six flights. But private flyers pay just two percent of the taxes that fund the Federal Aviation Administration. Commercial flyers must pay a tax on every ticket equivalent to 7.5% of the fare price. But private flyers only pay a jet fuel tax. Private airplane travel is significantly worse for the environment than commercial flight travel, since private jets carry far fewer people.
☆ Big Oil poised to smash annual profit records — sparking outcry from campaigners and activists
  + stars: | 2023-01-27 | by ( Sam Meredith | ) www.cnbc.com   time to read: +2 min
U.S. President Joe Biden has previously singled out Exxon Mobil for making "more money than God" last year. Flush with cash, the energy giants are expected to use their windfall profits to reward shareholders with higher dividends and share buybacks. In June last year, Biden singled out Exxon Mobil for making "more money than God." "They are profiting from the current increase in oil and gas prices, and they are betting on it. And what you see is actually increased investment in oil and gas," Agathe Bounfour, oil campaign lead at the NGO Transport & Environment, told CNBC via telephone.
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