Political Quotes

“I ask unanimous consent that the following article from the Wall Street Journal on September 18, 2012, on the cost to taxpayers for the wind production tax credit be printed in the Record. There being no objection, the material was ordered to be printed in the Record, as follows: Puff, the Magic Drag on the Economy Time to let the pernicious production tax credit for wind power blow away (By Lamar Alexander and Mike Pompeo) As Congress works to reduce spending and avert a debt crisis, lawmakers will have to decide which government projects are truly national priorities, and which are wasteful. A prime example of the latter is the production tax credit for wind power. It is set to expire on Dec. 31--but may be extended yet again, for the seventh time. This special provision in the tax code was first enacted in 1992 as a temporary subsidy to enable a struggling industry to become competitive. Today the provision provides a credit against taxes of $22 per megawatt hour of wind energy generated. From 2009 to 2013, federal revenues lost to wind-power developers are estimated to be $14 billion--$6 billion from the production tax credit, plus $8 billion courtesy of an alternative-energy subsidy in the stimulus package--according to the Joint Committee on Taxation and the Treasury Department. If Congress were to extend the production tax credit, it would mean an additional $12 billion cost to taxpayers over the next 10 years.…”