WASHINGTON- The Senate voted today to put a large dent in the ethanol industry’s multi-faceted subsidy scheme: Sen. Dianne Feinstein’s measure would put an end to the 45 cent per gallon tax credit for blenders and the protectionist 54 cent tariff on imported ethanol.
For years, the ethanol industry has been the beneficiary of crony capitalism: their product has been mandated by Washington, subsidized by taxpayers, and protected from less expensive alternatives through tariffs. As a result, American taxpayers are forced to hand over up to $6 billion every year to enrich the ethanol industry and their lobbyists.
“Our nation’s ethanol program is a shining example of what happens when Washington insists that it knows best: Americans are forced to pay for a boondoggle that enriches politically-connected companies,” said Thomas Pyle, president of the American Energy Alliance. “It is no wonder that wind, solar, and the rest of the ‘green’ crowd has been trying for years to receive the same special treatment that ethanol has enjoyed.”
“Today’s vote was a small step towards fiscal sanity at a time when our nation desperately needs it. Washington must stop using the tax code as a means of hiding subsidies to their favored industries. We need low corporate tax rates to be applied evenly t
Thursday, June 16, 2011
Big Corn Gets the Sickle
Release from American Energy Alliance: