The subsidies given to so-called “renewable” energy companies by Presbo and his administration are 49 times greater in terms of government tax dollars spent per megawatt-hour than those given to the fossil fuel companies. According to the Congressional Research Service. The Congressional Budget Office says renewable green energy received 68 percent of energy-related tax preferences in 2011, while fossil fuels got only 15 percent. Wind power alone got 100 times the federal subsidies per megawatt-hour that went to any fossil fuel energy companies.
One difference is that the “subsidy” that the fossil fuel energy companies get is a depreciation write off on investment. They get to write off 6%. Nearly every manufacturing company still operating in the United States that hasn’t fled yet gets to write off 9% on depreciation. The subsidies for the “green” energy companies are actually bales of dollars that are shipped out of DC and into their bank accounts. accounts of struggling companies like GE, being run by Presbo’s jobs czar, Jeffrey Imeldt. Companies that are setting up production in other countries to compete with us while writing off their losing activities here in the US.
But Presbo is hell-bent that he is going to raise taxes on those evil energy companies. They are making earthshaking, record-breaking profits. They make about 8 cents a gallon profit. Making for a profit margin of around 2 cents on every dollar.(Way less than the profit margin of companies like Apple, Revlon, Starbucks). In the meantime, the federal government is charging them 18.4 cents a gallon excise taxes, which they roll over and pass on to us. These are taxes that collected by the oil companies from us and forwarded to federal government to play with.
I am just SO looking forward to having them collect MORE taxes out of my pocket to forward to the federal government.