For the fourth time this summer Republicans stopped the Senate from taking up wide-ranging legislation that extends tax breaks for teachers, businesses and parents and provides tax credits to an array of renewable energy entrepreneurs. But for many Republicans, it’s a matter or principle and politics: many oppose what they say are new tax increases to pay for parts of the package and nearly all say the Senate’s only business now is acting on an energy bill that promotes drilling and other measures to boost domestic oil supply.
Last month more than 300 high-tech and manufacturing companies warned Congress that failure to act quickly “will bring investment in renewable energy and energy efficiency projects to a standstill.”
Greg Wetstone of the American Wind Energy Association said Tuesday that his industry risks losing $11 billion in investment and 75,000 jobs if the tax credit expires next year.
The bill also would extend the research and development tax credit that expired last December, and would revive tax credits for the deduction of state and local general sales taxes, higher education tuition and teacher expenses.
It includes a one-year fix for the alternative minimum tax that is supposed to only affect the very wealthy but could hit some 25 million taxpayers unless Congress takes preventive action.
The Baucus package would cover the cost of the tax breaks by raising some $54 billion over 10 years by preventing hedge fund managers and others from deferring certain overseas profits and by delaying a tax break for multinational corporations.
First of all, someone needs to ask Senator “I’m the Energy Guy” McCain his position on this.
Second, THIS IS A BIG FUCKING DEAL!!! If you want to promote alternative energy in this country, these tax breaks are EXACTLY how you do it. If you want to put a solar hot water heating system in your house, you can save a coupla thousand dollars because of this tax break. It’s exactly the kind of thing that gets ordinary people to consider these alternative, green, non-polluting alternatives.
And the Republicans won’t pass it because of how it’s funded??? Are you KIDDING me???
My company benefits significantly from the R&D tax credit. It helps us to continue to do the R&D that makes us competitive globally.
The Republican brand in this country is really despicable. They oughta be ashamed and they oughta be held accountable.
I’m just sayin’…