The Congressional Budget Office says that the government provided $24 billion of tax credits and direct subsidies to the energy industry in 2011. Here’s how it was divided up:
- $2.5 billion in various tax credits to the fossil fuel industry
- $6 billion to the ethanol industry
- $16 billion to renewable energy and energy efficiency programs
So, the industry that receives about 10 cents of each dollar of incentives the government provides produces 85% of all the energy to keep America going. And, yet it is the industry that Barack Obama demonizes and wants to punish with higher taxes.
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