Enviros Call On Super Committee To Ax Energy Subsidies And Tax Breaks
"As the congressional leaders decide on members for the new bipartisan debt-reduction super committee, green advocacy groups are already on the offensive, calling on the committee to cut billions of dollars in tax breaks and energy subsidies for the oil and gas industry."
"'By how voters have responded, cutting the outrageous energy subsidies to the mature industries would be an incredibly easy place to start' cutting spending, said Scott Slesinger, legislative director for the Natural Resources Defense Council.
Repealing the tax breaks and subsidies could save the government around $50 billion over ten years, $37.2 billion from energy subsidies and $21 billion from oil and gas tax credits. The committee is charged with finding by $1.3 trillion in savings over the next ten years.
But the cost of such subsidies, green advocates and academics allege, is actually much larger."Source: Huffington Post, 08/11/2011