BUDGET: Obama Raises Taxes on Efficient Energy to Give Subsidies to Inefficient Energy
$36.5 billion in new taxes over ten years on the oil and gas industries, while heaping new billions in taxpayer support for politically-favored energies
By Institute for Energy Research —— Bio and Archives--February 2, 2010
Global Warming-Energy-Environment | Comments | Back To Full Article
The Obama Administration today released its proposed FY 2011 budget. Not surprisingly, it contained $36.5 billion in new taxes over ten years on the oil and gas industries, while heaping new billions in taxpayer support for politically-favored energies. Such policies are never a good idea, but they are particularly destructive in the midst of a severe recession. Levying new taxes on efficient energy, and new subsidies for inefficient energy, is a recipe for higher prices and fewer jobs.
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