Senate Votes to End Ethanol Tax Credit

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#1 Thu, Jun 16, 2011 - 2:51pm
Shill
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Senate Votes to End Ethanol Tax Credit

Senate Votes to End Ethanol Tax Credit


CNBC reports. Developing...

Update:

Koch brothers win.

The Senate has voted 73-27 to kill a major tax break for ethanol producers. The vote was on a Diane Feinstein amendment to an economic development bill that will end the credit of 45 cents for each gallon of ethanol that fuel blenders mix into gasoline.

Although the tax credit was only on for a very narrow specific sector of the economy, tax credits in general should not be opposed. The key to a growing economy is to expand tax credits, not remove credits already in existence.

https://www.economicpolicyjournal.com/2011/06/senate-votes-to-end-ethanol-tax-credit.html

Edited by: Shill on Nov 8, 2014 - 5:07am
Thu, Jun 16, 2011 - 2:57pm
SilverTree
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Food is food

Food is food, not fuel.

Thu, Jun 16, 2011 - 3:30pm (Reply to #2)
SilverTree
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How Silver is Like Oil: An Upcoming Explosion

Thu, Jun 16, 2011 - 3:39pm
silverbleve
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Corn Bear

This sounds pretty bearish for corn, but at least we wont have people starving to make fuel. Hungry man is an angry man.

Perhaps this should be in the grains section even? This threaded nesting system makes it hard to connect current events to existing threads.

Thu, Jun 16, 2011 - 3:48pm (Reply to #4)
Hagarth
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Ethanol not needed

As well there is deep concern about food inflation around the world. Indian farmers, albeit small farmers, are refusing to use potash this year mainly due to high prices and there is more or less a monopoly for potash in India. Lower crop yields are forecast for grains, but as of yet have not done any DD on the current corn market, am waiting for the end of the month report, which I believe will be under forecast models set previously in the year.

Suntne vacci laeti.
Thu, Jun 16, 2011 - 3:56pm (Reply to #4)
SilverTree
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I agree about the site, I'm

I agree about the site, I'm sure Turd is hard at work polishing his new baby.cheeky

Thu, Jun 16, 2011 - 6:04pm
serf86
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tax credits stimulate the economy???????

All tax credits distort the efficient allocation of capital. The only time this will not happen is in a totally centrally controlled and planned society, in which case tax credits do not stimulate growth they are an unseen transfer of wealth from the public sector to politically connected crooks.

serf86
Thu, Jun 16, 2011 - 6:07pm
Don Plata
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Senate Votes to End Ethanol Tax Credit

Shill wrote:


Koch brothers win.

Everyone wins. That stuff wrecks motors and lowers gas mileage. This increases net resource utilization and there is no real conservation.

Thu, Jun 16, 2011 - 7:58pm
davefess
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wow

Decided to take afternoon off and go fishing. Awesome! Should be bearish for corn even more now. Still would go long grains after this round of selling off. Late planting=poor yields. Some farmers just took insurance or planted soybeans. tight stocks, so this will probably drive it really low and then a bounce big after that. I hope.

"it's game over man, game over!"
Thu, Jun 16, 2011 - 8:10pm
Fred Hayek
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Tax credits are senators and congressman choosing winners

Tax credits are typically unnecessary gov't intrusions into the market. To say that a growing economy needs *more* tax credits is to say that there should be more vying for government favor and that we should have more crony capitalism and less simple free market. That's the implication of saying there should be more tax credits. It's quite a different thing than lower rates. It's an invitation to corruption.

GE and Google effectively have tax credits through tax legislation that they're able to utilize but the average small business can't. As a result, GE essentially pays a tax rate of zero while the guy who owns the dry cleaner you go to and four other shops pays 35% or something like that. That's your world of tax credits determining the economy. Whoever's connected wins.

Being a policeman is only easy in a police state -- Touch of Evil(1957)
Fri, Jun 17, 2011 - 3:54am
Captain Silver
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Put the gas back in gas thank you very much!

Hopefully this will remove the benefit to put the crap in our fuel so that good old fashion market forces can give them back enough incentive to give us ALL of our gasoline per gallon again. The first branded fuel to go 100% ethanol free gets my business. That crap is ruining my carb!!! (yes carb, you read it right. Too cheap to buy new, have been for a LOOONGG time!) Would rather spend the money on a cars weight in PMs:p

Our monetary system has been hijacked by morons! Abandon ship!!!!