How much of the Recovery Act went to pay for state and local government payrolls? Raises? Benefit increases? No new jobs, no recovery for the unemployed. The Recovery Act Advanced Energy Manufacturing Tax Credits program was part of the $787 billion stimulus bill passed by Congress earlier this year. Renewable energy companies were able to apply for the competitive credits, with the Obama administration Friday announcing the selection of 183 projects in 43 states.
The ‘credit’ seems to be a profit pass-through, ear mark by another name, for special interests.If they receive ‘credit’ and don’t have to submit the Social Security, Medicare, and other taxes that they’ve collected from employees, and the company contribution…who makes up the difference in the Social Security, Medicare, or other tax funds/accounts?
Does the money borrowed for the Recovery Act just move from one government account to another?
In a nutshell, taxpayers are borrowing money to add to Social Security, Medicare, and other funds?
Why give just a few companies this benefit? Why should any American company contribute to Social Security? Medicare?
Why should any employee have these ‘taxes’ deducted from their check, only to find out the EMPLOYER keeps it as profit?
Isn’t this a good argument to end the Social Security and Medicare Ponzi Scheme?Is it really a recovery and green shoots if taxpayers are left with empty pockets? The money that employees contribute never makes it to the ‘trust funds’? In the end, those same taxpayers have to pay again? Their original deductions must be repaid with MASSIVE DEBT and INTEREST? Debt to burden generations?
Something is just not right with this picture.
Obama said the $2.3 billion in tax credits, leveraged with more than $5 billion in private investment, would create more than 17,000 jobs and be an important step toward meeting his goal of doubling the amount of renewable energy produced in the country during the next three years.
That’s $135,294.12 per job. How much will those people make? $35,000 per year? $75,000? Will they pay union dues?
How much will they pay in taxes?
A profit pass-through to BIG business? Corporate welfare?
How much is the interest on that $13,294.12 going to cost taxpayers?
"Building a robust clean energy sector is how we will create the jobs of the future," Obama said.
I don’t see how this model of job creation is sustainable. In the end, someone, possibly generations will need to pay this back over decades.
Why can’t these companies offer these jobs without the corporate welfare?
How many other companies will see their taxes increased to pay for special interest corporate welfare and profit pass-throughs?
It seems like it would be better to cut taxes and entitlements. Let workers save money themselves.
It seems like the trust funds are not only being emptied, but they are being left with massive debt and interest payments.
One other Nebraska project also secured funding: a previously announced plant in Blair that will make enzymes used in the production of ethanol.
If they can do it without tax credit welfare, by give them more profits? Makes no sense.
The Novozymes plant, currently under construction, would receive $28.4 million in federal tax credits. Officials with the Denmark-based company have said the $200 million plant will employ about 100 people and could be open by 2012.
This comes out to $284,000 per job. Wow. I wonder how many years of subsidy/credit/welfare this company will get?
Do they get the credit in one year? Will it be paid as a REFUND to this company? A profit transfer to a foreign company?
If they could afford this business without the credit, why put them on the public dole?
This looks like a $28.4 million dollar money transfer to Denmark. How many years will Americans be paying to stimulate Denmark’s economy?American welfare for Denmark? Americans funding Denmark's socialist UTOPIA?
I think it would be cheaper to pay those 100 people welfare.
Read more here
http://www.theindependent.com/articles/2010/01/08/news/local/11236378.txtThese tax credits seem dishonest. Hardworking Americans THINK their deductions are going to support Social Security, Medicare, and the Federal Government.
What do they really support? Corporate welfare for political special interests.
Why doesn’t every business in America have those same opportunities? Why can’t hard working Americans just keep the money?
Makes no sense to me.
How can Obama save/reallocate $500 billion from Medicare and Medicaid to Healthcare Reform if the money isn’t there? It’s already wiped out from these tax credits?It just seems SO DISHONEST.
JMHO
