4min chapter

Finshots Daily cover image

Why California wants Big Oil to pay for its wildfires?

Finshots Daily

CHAPTER

The Tax Loophole: Big Oil's Impact on California's Wildfire Funding

This chapter explores California's taxation policies for oil companies and the lobbying that led to the Water's Edge election, enabling these firms to evade taxes on offshore profits. It emphasizes the resulting budget shortfall for the state, which jeopardized climate funding and intensified wildfire challenges, alongside the struggle between climate activists and corporate lobbying.

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