Ryan backs Romney on wind energy tax credit
Republican vice presidential candidate, Rep. Paul Ryan, R-Wis. speaks during a campaign event at the Dallas County Courthouse, Wednesday, Sept. 5, 2012, in Adel, Iowa.
/ AP Photo/Mary Altaffer
"We think these tax credits are important to get industries up and running, but we don't think they should continue on indefinitely. What we think would be more helpful for all renewable energies is to lower tax rates on businesses," Ryan told Des Moines television station KCCI when asked whether he agreed with Romney that the credit should be allowed to expire at the end of the year.
Though Ryan said he didn't believe the tax credit should be extended "indefinitely," a campaign spokesman clarified that he agreed it should be allowed to expire at the end of the year.
The interviewer followed up by pointing out that a Cedar Rapids company had laid off almost 200 workers because of uncertainty over the credit's future, prompting Ryan to argue for broader changes to the tax code that he said would level the playing field for all businesses.
"We also want to make sure our tax code isn't one that has too many loopholes, which rewards some industries and not the others," Ryan said. "We want to lower tax rates on all the industries. So the way we look at it is, let's set the conditions that make all of these industries more viable and more competitive. ... So we want to lower tax rates across-the-board, not just in one sector but for all sectors of the economy."
Romney's opposition to extending the tax credit has drawn the ire of influential Iowa politicians including U.S. Sen. Chuck Grassley, who likened Romney's position to "a knife in my back" at a town hall meeting in August. Grassley delivered a glowing introduction of Ryan at an event in Adel, Iowa Wednesday morning, portraying him as a Republican able to effectively stand up to President Obama.
Grassley spokeswoman Jill Kozeny said, "Sen. Grassley supports the Romney-Ryan ticket and is communicating with the campaign on many issues, including this one." Grassley sponsored the bill creating the wind energy tax credit in 1992.
Popular in Politics
- FBI director acknowledges domestic drone use 155 Comments
- Next up for Obama: Major effort on climate change
- The 4 remaining Supreme Court cases to watch
- Michelle Obama and daughters tour Berlin Play Video
- Immigration reform would cut deficit, analysis shows
- Obama and Berlin: Faded echoes meet new realities 77 Comments
- Senate deal seen near on key aspect of immigration reform
- House Republicans pass 20-week limit on abortions 599 Comments
Then take a look at: http://www.leahy.senate.gov/imo/media/doc/R41227EnergyLegReport.pdf where you will see where just two oil and gas incentives, the Intangible Drilling Cost and Percentage Depletion, cost the US Treasury $189 billion from 1968-2010 on page 33. Wind energy has received just a small fraction of that amount the last 20 years.
The wind PTC is based on actual production, much like the incentives for oil and gas as another contributor indicated. No loan involved. No generation-no cost.
The Romney/Ryan double standard of targeting wind and not calling for repeal of the above oil and gas incentives is the problem.
In addition, the Tea Party should be doing as Cato suggests and quit supporting the oil and gas incentives.
"Folks, we're making a bet," Biden said on Oct. 27, 2009. "We're making a bet in the future, we're making a bet in the American people, we're making a bet in the market, we're making a bet in innovation."
That loan is part of a $1 billion bet the Energy Department has made on two politically connected California electric carmakers producing sporty — and pricey — cutting-edge autos. One is Fisker Automotive, the project heralded by Biden and backed by a powerhouse venture capital firm whose partners include former Vice President Al Gore and a campaign donor to President Obama. The other is Tesla Motors, whose prime backers include a major fundraiser for Obama and Google co-founders Larry Page and Sergey Brin.
An investigation by iWatch News and ABC News found that the DOE's bet carries risks for taxpayers, triggering concern from industry observers and government auditors.
Fisker is more than a year behind rolling out its $97,000 luxury vehicle bankrolled in part with DOE money. While more are promised soon, just two of its cars have been delivered, including one to movie star Leonardo DiCaprio. And Tesla's own SEC filings say it has lost money every quarter and states: "We have a history of losses and we expect significant increases in our costs and expenses to result in continuing losses for at least the foreseeable future." While Tesla's major DOE funding is intended to help it mass produce a new $57,400 Model S sedan, the company has no experience in a project so vast.
There is intense scrutiny of the decisions made by the Department of Energy as it invests billions of taxpayer dollars in alternative energy. The questions follow the administration's failed $535 million investment in solar panel maker Solyndra. The company's collapse, bankruptcy and raid by FBI agents generated a litany of questions about how the Energy Department doles out billions in highly sought after green energy seed money.
A key question, experts and investigators say, is whether another Solyndra is in the offing.
Not to mention the millions of families who now live within an industrial wind generation site. Their property values plummet their lives changed forever. Stop the bleeding make this industry come up with a better product. That will not happen as long as they are getting rich from the monstrous antiquated designs they are using. Wind energy belongs on the demand side of the electrical system, so that the homeowner who installs it benefits, and thus reducing their electrical demand. Same result but the families benefit not the big power companies. This green agenda is a lie, and is about looting billions of our tax dollars.
Amonix Solar: FAIL - manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration, has closed its 214,000 square foot facility a year after it opened.
Solar Trust of America: FAIL - Filed Bankruptcy in Oakland, CA, April 3, 2012 - On April 2, 2012.
Bright Source: FAIL - Bright Source warned Obama's Energy Department officials in March 2011 that delays in approving a $1.6 billion U.S. loan guarantee would embarrass the White House and force the solar-energy company to close. Lost Billions of dollars but Getting More Money To Keep Trying. Can you say, "This isnt working?".
Solyndra: FAIL - Obama gave Solyndra $500,000,000 in taxpayer money and Solyndra shut its doors and laid off 1100 workers in August 2011 After Billions in Losses due to failure to make a solar product that works!
LSP Energy: FAIL - LSPEnergy LP filed bankruptcy protection and a sale of its assets in Feb 2012.
Energy Conversion Devices: FAIL - On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy.
Abound Solar: FAIL - Abound Solar received a $400 million loan guarantee from Barack Obama announced in June, 2012 that it would file for bankruptcy.
SunPower: FAIL - SunPower stopped producing solar cells last year at near bankruptcy restructured only with help of, get this, oil giant TOTAL who owns 60% stake. Irony! Still struggling.
Beacon Power: FAIL - Beacon Power Corp filed for bankruptcy Oct 2011 just a year after Obama approved $43 million loan Government loan guarantee.
Ecotality: FAIL - ECOtality, a San Francisco green-tech company that never earned any money on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from Obama.
A123 Solar: FAIL-A123 received $279 million from taxpayers thanks to President Obama's Department of Energy loan guarantees and after Solyndra bankruptcy is getting another $500M from Obama and it has lost $400M.
UniSolar: FAIL - Uni-Solar filed for Ch 11 bankruptcy in June 20 this year laid off hundreds got more Obama money still failing but still in business.
Azure Dynamics: FAIL - Azure Dynamics files for bankruptcy in June ter millions in Obama "Stimulus".
Evergreen Solar: FAIL - Evergreen Solar received $527 Million in Taxpayer money from Obama filed bankruptcy.
Ener1: FAIL received more than $100 million in government funding from the Obama administration filed for bankruptcy January 2012.
Update: In May 2012 Obama visited a dusty, desert town 30 miles outside Las Vegas Wednesday to declare he's doubling down on failed federal efforts to boost the solar industry which has NEVER proven to produce a single working product. Like Socialism, no evidence it works, but they just keep doubling down on the failed ideals!
A good example of Republicans thinking most people aren't smart enough to figure out their hypocrisy.
Anyway, I wanted to say that.... I hope those in Congress and the Senate realize that they are really there for the people, as well, as the country. I know the deep pockets of big business are very tempting and I also realize that A LOT of money is needed for their re-election campaigns so that may explain why some politicians feel pressured to vote certain ways on bills, etc.
Nonetheless, I believe that most "common, working, folks" in the U.S. want to find and use alternative sources of energy. Wouldn't it be nice to be able to heat your house just from the rays of the sun? Or, perhaps, purchase a reliable vehicle that gets GREAT mileage and is also safe and reasonably price? I'm looking forward to that day ---- maybe even moreso, than big business or sadly enough, our elected officials. That is why I have no problem whatsoever with our government funding companies with new and innovative ideas and taking the tax credits away from those that no longer need them to "survive".
What an absolutely disgusting couple of scoundrels these two are. They are perfectly fine with American taxpayers pumping $8 BILLION in tax credits every year to the campaign's sugar daddies, Big Oil. That industry is over 150 years old, is raking in record profits, and is directly linked to the multiple warming-related disasters this country has experienced in the past year: record wildfires in 7 western states, worst droughts since 1930, record crop losses due to the drought, and the Derecho storm on the east coast. And now, climate change is causing the West Nile outbreak which has claimed a record number of deaths in Texas. 70% of the lodgepole pine trees have been wiped out in Colorado due to the pine bark beetle's numbers soaring with the elevated temperatures.
Over-reliance on fossil fuels is killing the country and killing your kids' and grandkids' chances, and these destructive fools are still riding the bandwagon over the cliff. But one of the industries that's helping curtail the problem? It's "too old" at 15 or 20. These two should be put in prison for murder, because that's exactly what they are enthusiastically engaged in.
The same can be said for many other outdated and/or unnecessary tax credits that exist for a variety of industries, not just oil and gas!
In terms of allowing the "more current" wind energy tax credits to extend beyond the end of the year and hopefully, long enough, for these up-and-coming industries to stand on their own, I hope OUR REPRESENTATIVES -- you know, the ones that got elected into office and are supposed to: represent us, look out for us, and make rules the people We are always talking about: using less energy, finding new or alternative sources of energy, being less dependent on Foreign Oil, being more resourceful with what we have access to, building cars that can go 70 miles on a gallon, and the list goes on and on... .I ask you though, how are we ever going to "tap into" renewable and/or alternative sources of energy, if tax credits are not extended to the relatively new and "up and coming" industries?