The Rise and Fall of Hope and Change

The Rise and Fall of Hope and Change

Alexis de Toqueville

The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville

The United States Capitol Building

The United States Capitol Building

The Constitutional Convention

The Constitutional Convention

The Continental Congress

The Continental Congress

George Washington at Valley Forge

George Washington at Valley Forge

Friday, March 9, 2012

Renewables Get More Tax Breaks than Fossil Fuels

From The Heritage Foundation:


InsiderOnline Blog: March 2012

Renewables Get More Tax Breaks than Fossil Fuels

Tax breaks for Big Oil aren’t nearly as big a giveaway as tax breaks for renewable sources of energy like solar, wind, and ethanol, according to a new report by the Congressional Budget Office (Federal Financial Support for the Development and Production of Fuels and Energy Technologies, March 2012). Last week, President Obama called on Congress to end $4 billion worth of tax breaks for oil companies, saying: “These are the same companies making record profits – tens of billions of dollars a year. I don’t think oil companies need more corporate welfare.”
The CBO finds, however, that tax breaks for renewables cost more. In the chart below, the cost of tax breaks for fossil fuels are shown in light blue and those for renewables in dark blue.
“Provisions aimed at energy efficiency and renewable energy accounted for 78 percent of the budgetary cost of federal energy-related tax preferences in 2011,” reports CBO. Renewables provide only 8 percent of the country’s energy needs, according to the Energy Information Administration.
Posted on 03/09/12 12:41 PM by Alex Adrianson | Blog Archive

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