The Senate is scheduled to vote today on a bill by Sens. Jim DeMint (R-SC) and Mike Lee (R-UT) aimed at ending “corporate welfare for energy companies in the tax code.” DeMint and Lee would offset the elimination of tax breaks for renewable energy companies by lowering the corporate tax rate, making their reform revenue-neutural. The measure also tests the Democrats’ oft-stated willingess to end tax breaks for oil companies.
I wrote about such taxpayer subsidies and their poor track record creating green jobs on the main site earlier this week. The president is proposing another $1 billion in green tax credits.