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President Joe Biden continues to urge American companies to “pay their fair share” in taxes. It turns out he was right that some companies actually avoid paying taxes.
But it’s not Big Tech in Silicon Valley, Fat Cat on Wall Street, big banks or Walmart. They pay billions in taxes.
The culprits here are precisely the companies Biden is sleeping with: green energy companies.
Biden administration plans to complete large-scale crackdown on gasoline-powered vehicles, citing warnings from automakers and energy industry
For all the promise over the past decade that renewable energy is the future of American electricity production, the wind and solar power industry turns out to be by far the country’s biggest tax dodger. did. For decades now, the green energy lobby (what I call the climate industrial complex) has not paid its due.
That’s because the vast majority of these companies pay almost zero income tax. But direct and indirect subsidies from the federal government are pouring in to keep these zombie companies afloat.
For all the promise over the past decade that renewable energy is the future of American electricity production, the wind and solar power industry turns out to be by far the country’s biggest tax dodger. did.
Over the past two decades, renewable energy advocacy groups have collected more than a quarter of a trillion dollars in subsidies. It has been assured many times that the payment is temporary. The argument against these subsidies, loans, tax breaks, and other sweetheart kisses is that these were “infant industries” that needed Head Start programs for CEOs. However, even after all these years, these companies have not even reached adolescence.
The backlash against wind and solar projects is real, it’s global, and it’s growing
What’s worse is that Biden continues to spoil his children by giving them lavish gifts because of their poor grades. Green energy subsidies (primarily created by Biden policies such as the so-called Inflation Control Act) could amount to up to $1.8 trillion over 10 years, according to a new report by Cato Institute tax expert Adam Michel. This would drain the Treasury of funds.
The Cato report states that since passage, “the estimated cost of new and expanded IRA energy tax credits has increased dramatically.”
These tax shelters are just one form of assistance to dependent corporations. They never seem to want to cut the umbilical cord.
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What did we get out of all this taxpayer-funded green energy? There’s really nothing. Today, America still gets 80% of its energy from fossil fuels and nuclear power. Wind and solar power remain at less than 10%. This is an investment we are making.
Wind turbines generate electricity outside Medicine Bow, Wyoming, on August 14, 2022. (Patrick T. Fallon/AFP via Getty Images)
Meanwhile, Biden continues to slam companies that don’t pay income taxes. He advocates for a mandatory minimum corporate tax of 15%. But which industries do you think are explicitly exempted from the minimum? The green energy lobby.
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This is just a reminder that many people are getting really, really rich from climate change hysteria.
The “green” in green energy does not mean a cleaner environment. Represents the color of money. yours and mine.
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