New York Times Calls on Congress to End Federal Tax Subsidies for EthanolThursday, July 29, 2010
(American Meat Institute)
In an editorial today, the New York Times called upon Congress not to renew federal tax subsidies for ethanol that are set to expire at the end of the year.
“The subsidies for wind, solar and geothermal energy are necessary to give these energy sources the help they need to compete with oil, coal and natural gas,” the Times wrote. “While it renews those subsidies, Congress should end tax breaks for corn ethanol, which can stand on its own and is of dubious environmental benefit.”
Noting a Congressional Budget Office estimate that the price tag last year for the ethanol tax break was about $6 billion, the Times said, “This money mainly benefits refiners and big farmers, and could be better spent elsewhere — perhaps in developing more advanced forms of ethanol from grasses, scrub trees and plant wastes. Corn ethanol can actually increase greenhouse gases if grasslands or forests are ploughed for crop production.”
To read the entire editorial, go to: http://tiny.cc/nqbob.share on facebook share on twitter