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Biggest Corporate Welfare Scam Of All Time
Posted on Monday, April 8, 2024
by Outside Contributor
President Joe Biden keeps lecturing corporate America to “pay your fair share” of taxes. It turns out he’s right that some companies really are getting away scot-free from paying taxes.
But it isn’t Big Tech companies in Silicon Valley or the Wall Street financial company “fat cats” or big banks or Walmart. They pay billions in taxes.
The culprits here are the very companies that Biden is in bed with: green energy firms.
It turns out that despite all the promises over the past decade about how renewable energy is the future of power production in America, by far the biggest tax dodgers in the country are the wind and solar power industries. Over the past several decades, the green energy lobby — what I call the climate-change-industrial complex — isn’t paying its fair share. That’s because the vast majority of these companies pay nearly ZERO income taxes.
But they wade in rivers of federal direct and indirect subsidies that keep these zombie companies alive. Over the past two decades, the renewable energy lobby has collected more than one-quarter trillion dollars in subsidies — payments that we’ve been assured over and over would be temporary. The argument for these grants, loans, tax abatements and other sweetheart kisses is that these were “infant industries” in need of a Head Start program for CEOs. Except these companies have never even reached puberty after all these years.
What’s worse is that Biden keeps spoiling the children with lavish gifts for bad performance. A new report by tax expert Adam Michel at the Cato Institute finds the green energy subsidies — mostly created by Biden policies like the so-called Inflation Reduction Act — will drain the Treasury of as much as $1.8 trillion over 10 years.
The Cato report finds that since its passage, “the estimated cost of the IRA’s new and expanded energy tax credits increased dramatically.”
These tax shelters are just a form of Aid to Dependent Corporations. They never seem to want to cut the umbilical cord.
What have we gotten for this mountain of taxpayer-funded green energy largesse? Nothing, really. Today, we still get 80% of our energy in America from fossil fuels and nuclear power. Wind and solar are stuck at less than 10%. This is some investment we’re making.
Meanwhile, Biden keeps railing against companies that pay no income tax. He’s advocated a mandatory 15% minimum corporate tax. But guess what industry is explicitly exempt from the minimum? The green energy lobby.
It’s just a reminder that a lot of people are getting really, really rich off climate change hysteria.
The “green” in green energy doesn’t stand for a cleaner environment. It stands for the color of money. Yours and mine.
Stephen Moore is a visiting fellow at the Heritage Foundation and a senior economic advisor to Donald Trump. His latest book is: “Govzilla: How the Relentless Growth of Government Is Devouring Our Economy.“
https://amac.us/newsline/economy/biggest-corporate-welfare-scam-of-all-time/?utm_objective=website_traffic&utm_source=email&utm_campaign=amac&utm_medium=daily_news_pm&utm_content=bcw040924&dderh=e1c281ac1f4906c2d82cf0c531b390f8
Biggest Corporate Welfare Scam Of All Time
Posted on Monday, April 8, 2024
by Outside Contributor
President Joe Biden keeps lecturing corporate America to “pay your fair share” of taxes. It turns out he’s right that some companies really are getting away scot-free from paying taxes.
But it isn’t Big Tech companies in Silicon Valley or the Wall Street financial company “fat cats” or big banks or Walmart. They pay billions in taxes.
The culprits here are the very companies that Biden is in bed with: green energy firms.
It turns out that despite all the promises over the past decade about how renewable energy is the future of power production in America, by far the biggest tax dodgers in the country are the wind and solar power industries. Over the past several decades, the green energy lobby — what I call the climate-change-industrial complex — isn’t paying its fair share. That’s because the vast majority of these companies pay nearly ZERO income taxes.
But they wade in rivers of federal direct and indirect subsidies that keep these zombie companies alive. Over the past two decades, the renewable energy lobby has collected more than one-quarter trillion dollars in subsidies — payments that we’ve been assured over and over would be temporary. The argument for these grants, loans, tax abatements and other sweetheart kisses is that these were “infant industries” in need of a Head Start program for CEOs. Except these companies have never even reached puberty after all these years.
What’s worse is that Biden keeps spoiling the children with lavish gifts for bad performance. A new report by tax expert Adam Michel at the Cato Institute finds the green energy subsidies — mostly created by Biden policies like the so-called Inflation Reduction Act — will drain the Treasury of as much as $1.8 trillion over 10 years.
The Cato report finds that since its passage, “the estimated cost of the IRA’s new and expanded energy tax credits increased dramatically.”
These tax shelters are just a form of Aid to Dependent Corporations. They never seem to want to cut the umbilical cord.
What have we gotten for this mountain of taxpayer-funded green energy largesse? Nothing, really. Today, we still get 80% of our energy in America from fossil fuels and nuclear power. Wind and solar are stuck at less than 10%. This is some investment we’re making.
Meanwhile, Biden keeps railing against companies that pay no income tax. He’s advocated a mandatory 15% minimum corporate tax. But guess what industry is explicitly exempt from the minimum? The green energy lobby.
It’s just a reminder that a lot of people are getting really, really rich off climate change hysteria.
The “green” in green energy doesn’t stand for a cleaner environment. It stands for the color of money. Yours and mine.
Stephen Moore is a visiting fellow at the Heritage Foundation and a senior economic advisor to Donald Trump. His latest book is: “Govzilla: How the Relentless Growth of Government Is Devouring Our Economy.“
https://amac.us/newsline/economy/biggest-corporate-welfare-scam-of-all-time/?utm_objective=website_traffic&utm_source=email&utm_campaign=amac&utm_medium=daily_news_pm&utm_content=bcw040924&dderh=e1c281ac1f4906c2d82cf0c531b390f8
I guess he was an impotent man.
Joe's behind him saying, "You missed!"
Yes, I suppose that it is just a question of degree.
I've been saying the same thing for years.
Look at Washington, the state. You don't have to pass the bar exam to be a lawyer!
DEI saves the day.
Well, except for the black lawyers who did pass the exam!
Isn't DEI wonderful?
But the septic tank has a positive role in society. Unlike the other turd.
Joe's long lost brother?!
Nothing But Garbage lives up to its name again.
The stupidity is mind blowing.
Good un!
At least they go underground and leave us alone for 13 or 17 years!
While its hard to imagine cicadas being a threatened species, scientists warned of the possible effects of climate change on their population.
Just saw an article on the Paterson schools. The testing results are way past pathetic. Multiply this by all the blue cities in blue states whose only solution is to dumb down everyone and the toilet is clogged.
She does a really interesting solo!
There are so many classics!
I got a rock!
Buying votes with an open border and tons of free stuff by printing more and more and more money is another. But, don't mention that. You'll labeled a hater.
This just in. Lying globalist scum + a media devoid of any journalistic integrity + a dumbed-down and brain-washed population and this is what you get. I'm sure that the Biden team is drooling!
Swiss women win landmark climate change ruling
headshot
Jacob Knutson
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KlimaSeniorinnen members in Strasbourg, France, on March 2023.
Verein KlimaSeniorinnen Schweiz members in Strasbourg, France, in March 2023. Photo: Shervine Nafissi/Greenpeace
Europe's highest human rights court on Tuesday sided with a group of 2,000 Swiss women over 64 years old who sued their government for not doing enough to combat climate change.
Why it matters: It's a landmark ruling that helps to determine to what extent almost all European countries violate the human rights of their citizens by not adequately mitigating the effects of climate change.
Catch up quick: The group, called Verein KlimaSeniorinnen Schweiz ("Association of Senior Women for Climate Protection Switzerland"), claimed that the Swiss government's inadequate climate policies violate their right to life and other guarantees under the European Convention on Human Rights.
Only senior women joined the lawsuit because people 55 and older face an increased risk of dying from heat-related illnesses, and older women specifically are more at risk to heat than older men.
By not sufficiently working to prevent climate change, the government has contributed to their distinct increased risk of dying from extreme heat, they alleged.
Context: The case was before the European Court of Human Rights (ECHR), which handles alleged violations of rights set out in the convention.
The court's jurisdiction spans almost every country in Europe except for the Vatican City, Belarus and Russia.
Zoom in: The court found that Article 8 of the convention, "encompasses a right for individuals to effective protection by the state authorities from the serious adverse effects of climate change on their lives, health, well-being and quality of life."
It said the Swiss government had failed to meet greenhouse gas emission goals and that there had been "critical gaps" in its effort to enact laws to combat climate change.
It also criticized the government for not taking taking into consideration "the compelling evidence concerning climate change" and for not taking KlimaSeniorinnen's complaint seriously.
Zoom out: Specific to KlimaSeniorinnen's case, human-caused climate change is making extreme heat around the globe far more likely, putting more people — especially older adults — at risk of heat-related illnesses.
Temperatures in Europe are rising faster than any other continent on Earth, while Switzerland, the so-called "water tower of Europe," is warming two to three times faster than the global average.
By the numbers: Switzerland, which has a population around 8.7 million, has lower total and per-capita direct emission levels than most European countries, and in 2021, its emissions had fallen by around 19% compared to its 1990 total.
However, as one of the wealthiest counties in the world, its citizens consume resources at unsustainable rates and are "living at the expense of future generations and of other regions of the world," per the country's statistics office.
Between the lines: The ECHR has never directly ruled on a climate-change related issue before.
It decided in 2003 that the convention does not provide a right to a healthy environment, as its articles are meant to protect people and not the environment, which is covered by other international laws.
However, in subsequent rulings, it has said that certain dangerous environmental activities, such as the mismanagement of waste sites or inadequately mitigating natural disasters threats, can violate certain rights.
The big picture: There were two other climate change cases before the ECHR's Grand Chamber on Tuesday, both of which the court denied.
One was filed by six youth against Portugal and 32 other countries, alleging that the governments violated their rights and degraded their homes and health by failing to slash their emissions and contributing to recent forest fires, heatwaves and winter storms in Portugal.
The third case was a lawsuit from a French mayor seeking stronger climate change laws from the French government.
In general, the number of climate change cases around the world has more than doubled since 2017, jumping to at least 2,180 in 2022 according to a United Nations and Columbia University report published earlier this year.
https://www.axios.com/2024/04/09/switzerland-climate-change-women-lawsuit
Amen! This just in. Add a media devoid of journalism and a dumbed-down and brain-washed population and it just keep getting worse.
Swiss women win landmark climate change ruling
headshot
Jacob Knutson
Share on facebook (opens in new window)
Share on twitter (opens in new window)
Share on linkedin (opens in new window)
Share on email (opens in new window)
KlimaSeniorinnen members in Strasbourg, France, on March 2023.
Verein KlimaSeniorinnen Schweiz members in Strasbourg, France, in March 2023. Photo: Shervine Nafissi/Greenpeace
Europe's highest human rights court on Tuesday sided with a group of 2,000 Swiss women over 64 years old who sued their government for not doing enough to combat climate change.
Why it matters: It's a landmark ruling that helps to determine to what extent almost all European countries violate the human rights of their citizens by not adequately mitigating the effects of climate change.
Catch up quick: The group, called Verein KlimaSeniorinnen Schweiz ("Association of Senior Women for Climate Protection Switzerland"), claimed that the Swiss government's inadequate climate policies violate their right to life and other guarantees under the European Convention on Human Rights.
Only senior women joined the lawsuit because people 55 and older face an increased risk of dying from heat-related illnesses, and older women specifically are more at risk to heat than older men.
By not sufficiently working to prevent climate change, the government has contributed to their distinct increased risk of dying from extreme heat, they alleged.
Context: The case was before the European Court of Human Rights (ECHR), which handles alleged violations of rights set out in the convention.
The court's jurisdiction spans almost every country in Europe except for the Vatican City, Belarus and Russia.
Zoom in: The court found that Article 8 of the convention, "encompasses a right for individuals to effective protection by the state authorities from the serious adverse effects of climate change on their lives, health, well-being and quality of life."
It said the Swiss government had failed to meet greenhouse gas emission goals and that there had been "critical gaps" in its effort to enact laws to combat climate change.
It also criticized the government for not taking taking into consideration "the compelling evidence concerning climate change" and for not taking KlimaSeniorinnen's complaint seriously.
Zoom out: Specific to KlimaSeniorinnen's case, human-caused climate change is making extreme heat around the globe far more likely, putting more people — especially older adults — at risk of heat-related illnesses.
Temperatures in Europe are rising faster than any other continent on Earth, while Switzerland, the so-called "water tower of Europe," is warming two to three times faster than the global average.
By the numbers: Switzerland, which has a population around 8.7 million, has lower total and per-capita direct emission levels than most European countries, and in 2021, its emissions had fallen by around 19% compared to its 1990 total.
However, as one of the wealthiest counties in the world, its citizens consume resources at unsustainable rates and are "living at the expense of future generations and of other regions of the world," per the country's statistics office.
Between the lines: The ECHR has never directly ruled on a climate-change related issue before.
It decided in 2003 that the convention does not provide a right to a healthy environment, as its articles are meant to protect people and not the environment, which is covered by other international laws.
However, in subsequent rulings, it has said that certain dangerous environmental activities, such as the mismanagement of waste sites or inadequately mitigating natural disasters threats, can violate certain rights.
The big picture: There were two other climate change cases before the ECHR's Grand Chamber on Tuesday, both of which the court denied.
One was filed by six youth against Portugal and 32 other countries, alleging that the governments violated their rights and degraded their homes and health by failing to slash their emissions and contributing to recent forest fires, heatwaves and winter storms in Portugal.
The third case was a lawsuit from a French mayor seeking stronger climate change laws from the French government.
In general, the number of climate change cases around the world has more than doubled since 2017, jumping to at least 2,180 in 2022 according to a United Nations and Columbia University report published earlier this year.
https://www.axios.com/2024/04/09/switzerland-climate-change-women-lawsuit
As BTO once sang, "You ain't seen nothing yet!"
Oh, and yeah, the prices of everything else everywhere!?
Now days, it's just another day!
I guess the lab practised DEI. Isn't that just wonderful? Makes us stronger you know.
Even though I'm not an ELP fan, I am a L fan. This is my favorite Greg Lake song. NIcely done.
Nicely done. As a fun fact, Three Dog NIght covered Dave Loggins' song!
Hadn't heard that version! Good one.