Tuesday, November 30, 2010

Federal Subsidies of Energy Go Green

The usual blather from the maggot-infested dopesmoker Left is that the Feds subsidize carbon energy waaaaayyyyyyy too much compared to the saintly, globe-saving, and for-the-chilllrrren 'green' alternatives.

They lie.

...the federal government does provide some subsidies to fossil fuels. Those would include direct outlays such as the government's geological research, and on the tax side it would include any tax treatment of fossil fuel profits that is more generous that the ordinary treatment of corporate profits. As previous Tax Foundation research has shown,[3] such tax breaks total approximately $2.8 billion per year.

For people familiar with the full range of U.S. corporate energy tax subsidies, the $2.8 billion will be recognized as the comparatively small part of the annual federal energy subsidy, most of which excludes fossil fuels. In recent years, fossil fuel subsidies have been dwarfed by new tax breaks enacted to promote the green energy sector such as wind and solar power production. Those green subsidies now amount to about $11.3 billion a year.

About 400% of fossil-fuel subsidies.

HT: Gateway

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