The White House is expected to announce Thursday that President Donald Trump is seeking to boost domestic production of renewable energy by 2040.
The White House budget proposal, expected to be unveiled Thursday, would eliminate or reduce funding for the Clean Power Plan, which would require that all power plants generate half of their power from renewable sources by 2030.
It would also make major changes to the way federal tax credits are structured and would make energy research and development tax credits available to private companies.
The plan would also lower the corporate tax rate from 35% to 20%, and cut the estate tax rate for individuals from 35 to 25% from 35%, according to a summary of the White House plan released by the budget office.
While the president and his top advisers have made the climate change agenda a central part of their economic agenda, the White.
Office of Management and Budget has not released a full-year budget plan.
A spokesman said in an email that the WhiteHouse.
Office of Management.
has not yet received the full-budgeted blueprint.
The budget office also did not provide a breakdown of how much energy production would be cut under the plan.
Energy companies are expected to file the plan with Congress soon.
The president’s budget office would not say how much it would cost.
The Energy Department said it expects that the plan would save $5.3 billion annually, with $1.2 billion in tax credits, while cutting energy use by 1.2 percent, according to an agency estimate.
It said it will also create an additional 5 million jobs.
President Donald Trump (R) speaks to reporters on Air Force One while aboard Air Force 1 during a trip to the Middle East, in White Plains, New York, U.S., October 16, 2021.
PresidentDonald Trump speaks to media on Air Base Little Rock, Arkansas, U…