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When it Comes to Corporate Welfare, the Energy Industry Isnít Shy About Taking Handou

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Unread 08.02.19, 10:15 AM
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When it Comes to Corporate Welfare, the Energy Industry Isnít Shy About Taking Handou

08.02.19 05:23 AM

Tax extenders are ďtemporaryĒ tax breaks for well-connected companies and industries. Of course, there is nothing temporary about them: Year after year, these political favors are expected to be renewed by lawmakers, rendering them less a measure for emergency situations than a permanent fixture of the tax code. Nothing is so permanent as a temporary government program, as Milton Friedman once observed. The same can be said of Washingtonís tax extenders. And Washington has a lot of them. Just ask the energy industry. Whether itís in renewable or non-renewable energy production, Washington isnít shy about subsidizing producers and picking winners and losers in the marketplace Ė always at the expense of hardworking taxpayers. Alternative fuels*benefits*from corporate welfare Take biofuels ó fuel from plant matter, typically ethanol made from corn ó which the government both mandates and subsidizes. Ethanol tax credits are among the most significant energy-related expenditures in terms of revenue forgone. One such tax credit comes from the Energy Policy Act of 2005, which grants a 30% credit for property that dispenses alternative fuels, such as ethanol (E85) or electricity for battery-powered vehicle charging stations.* Businesses can receive up to $30,000 in tax relief from this credit. Year after […]

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