Saturday, March 12, 2011

Bill to Stop U.S. Ethanol Credit Needs to Pass

The bill to stop the outrageous tax credit for the destructive production of corn ethanol needs be supported and passed, which will save taxpayers $6 billion a year and get us out of a policy which is as damaging to the environment as any there is.

Congressional opponents of the $6-billion-a-year blenders credit see eliminating it as a no-brainer, while stalwart advocates are likely to put up a fight

WASHINGTON—It turns out Sens. Ben Cardin and Tom Coburn have more in common than six-letter last names that begin with the letter "C."

The Maryland Democrat and Oklahoma Republican have drawn a substantially higher number of cheers than jeers for introducing bipartisan legislation this week to repeal a tax credit on corn ethanol that could save taxpayers roughly $6 billion per year.

Both senators refer to the blenders tax credit as costly and ineffective in a joint statement. What's officially known as the Volumetric Ethanol Excise Tax Credit, or VEETC, pays 45 cents for each blended gallon.

Coburn, a conservative long known as a fiscal watchdog, labeled the ethanol tax credit as "bad economic policy, bad energy policy and bad environmental policy."

"The $6 billion we waste every year on corporate welfare should instead stay in taxpayers' pockets where it can be used to spur innovation, stimulate growth and create jobs," the conservative Oklahoman said Wednesday.

"I'm hopeful my colleagues on both sides of the aisle will take a stand against business-as-usual special interest giveaways and eliminate this wasteful and harmful subsidy."


No comments: