March
2008
Energy Tax Credit vs Tax Cuts for Big Oil
President George W. Bush announced that he will veto the bill that democrats are crafting that would renew the energy tax credit. That is the credit that homeowners get when they put in energy efficient windows, doors and/or insulation in their home. The credit was originally authorized back in 2006 but was reauthorized in 2007. Many homeowners are still wondering if it will be reauthorized this year.
Democrats want taxpayers who do the right thing to reduce energy consumption, to get a benefit from it and they’ve figured out how to pay for it by eliminating the tax credits that Republicans ushered through that give tax breaks to big oil companies like Exxon who recently announced their last quarterly profits were more than any other business has ever made in that same time period.
Republicans think big oil should have those tax credits made permanent — even if homeowners have to pay higher taxes and not get the benefit of saving from their investment in greener technologies which benefit us all.
Jim McGuigan
Now after seeing this anyone who is in what is left of the middle class or poor and still even considers voting for the Republican party has got to be brain dead, not that the Democratic party is any better any more.
I availed myself of the energy tax credit when I insulated my home, got new windows and installed form backed siding. This program of tax credits was an enormous benefit to me and my 85+ year old home. It was one of the few programs of the Bush Administration which I was in favor of. In addition, for an older inner-tier suburb like West Allis, it is a boom for those of us who want to improve and maintain our older homes. It can be a big incentive for neighborhood revitalization for older housing stock. Also, I suspect, a blessing for small reputable home improvement contractors.
Perhaps we need more information here. Is the situation that the dems want to keep the tax credit for homeowners and eliminate the credit for energy companies, while the Bush administration wants to keep the credit for both? Further, I’d like to know a little bit more about the purpose of tax credits for the big oil companies. Is the purpose of the credits to encourage them to develop new energy technologies and resources? If it is, then I think it is in our national interest to do so. I know the left loves to target the big oil companies as the root of all evil; its a favorite emotional game of theirs. Isn’t this more of the same form the democrats? When will they go after the profits of BIG Trail lawyers?
Apparently bills similar to this one died in the Senate before they even got to the President.