Energy Bill's Tax Breaks -Could Add $19 Billion to Deficit in Next Decade

[cthrumatrix]

Energy Bill's Tax Breaks Weighed on Hill
Benefits to Industries Could Add $19 Billion to Budget Deficit in Next Decade

By Dan Morgan
Washington Post Staff Writer
Sunday, September 21, 2003; Page A04


Congressional negotiators are weighing House and Senate proposals to include dozens of tax breaks for industries in pending energy legislation, even though they could add as much as $19 billion to the federal budget deficit in the next decade.

The provisions would allow faster write-offs for domestic oil and gas exploration and for natural gas pipelines. Electric utilities could save $3.5 billion through 2008 by delaying the payment of taxes on the sale of transmission lines. Other provisions would benefit railroads, the coal industry, waste disposal companies, corn growers and makers of renewable-fuel technologies.

snip

"These goodies are the political driver behind the legislation," a Democratic congressional aide said. "They're the dessert that comes after the broccoli."

http://www.washingtonpost.com/wp-dyn/articles/A40377-2003Sep20.html

Come one...come all. Free hand-outs to the energy industry. That blackout came just in time.

[Manix]

1. ....time to feed the faithful

...before the RNC opens the campaign coffers for '04

[Flying_Pig]

2. This bill must be stopped!

Under Bush, the oil companies have enjoyed record profits, and now they want to empty our treasury further, in a hand-out to thier patrons. Enough already! We should be increasing the taxes on the energy industry, not decreasing them.

[dusty64]

3. This "energy plan" is

nothing but more corporate welfare, it SUCKS!

[bigtree]

4. This "energy plan" is

a foot in the door for the next generation of nukes and nuke plants.