Neglecting our muscle: American energy tax policy

Forget what you learned about economics in college or by reading books. Fossil fuels are the muscle of our economy. Products are shipped from factories in ships, trains, and trucks powered by petroleum based fuels. If you take the bus or drive your car, you're using fossil fuels. I don't see that changing in the next 50 years.

The Obama administration and congressional Democrats are threatening to eliminate one of the few tax credits energy firms qualify for--the "dual capacity" credit that applies to overseas earnings. Other industries benefit from it, as well as the Section 199 credit that is under attack.

Eliminating these could cost 150,000 American energy jobs.

There's energy--and then there is one of the Democrats' metaphorical lottery winners--green energy. As you will see in the Tax Foundation graphic, green energy, warts and all--and there are a lot of warts--receives quadruple the subsidies fossil fuel energy gets.

Instead of taking care of our energy muscle, we are pumping up our energy toenail.

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