Era of Energy Subsidies is Over
Congressmen Raul Labrador (R-ID) and Mike Pompeo (R-KS) have written an op-ed for The Washington Times outlining H.R.3308, their plan to eliminate energy subsidies and lower the corporate tax rates:
“After three decades, the tide on energy subsidies has turned. Our nation has squandered hundreds of billions of dollars with these tax credits and has little to show for it.”
The Congressmen go on to say that they hold nothing against these energy industries, but feel that they should give up their lobbying efforts and focus instead on honing their resource:
“We hold no ill will to any of these energy sources that receive tax credits – some or all of them may well become the next great American energy technologies. But having dozens of energy handouts leads companies to spend resources lobbying Washington rather than tinkering in their garages and labs. Indeed, we are counting on one of these alternatives to succeed. We just know that we have no idea, nor do any of our peers in Congress, which one consumers ultimately will demand. The winner must be determined the old-fashioned way: through hard work, innovation, American moxie and superior skills engaged in competition.”
You can read the full article here.