Thursday, February 10, 2011

Green energy programs, Crony Capitalism at its worst

Two items from todays's news showing once again that "Green Energy" is just another name for crony capitalism and taxpayer ripoff.

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In this year’s State of the Union address, President Obama said that “a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change.”

It looks as though the alternative energy industry and their lobbyists won’t be one of the losers in any proposed corporate tax reform. The administration has repeatedly gone to bat for the tax provisions sought by alternative energy lobbyists.

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Before Congress bellies up to that bar one more time, it ought to dissect the fate of Range Fuels and the wood chips fad.

As taxpayer tragedies go, Broomfield, Colorado-based Range Fuels has all the plot elements—splashy headlines, subsidies and opportunistic venture capitalists.