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|Subject: Re: 25% renewable energy by 2025||Date: 10/11/2012 3:24 PM|
|Author: fleg9bo||Number: 122497 of 130917|
The system of green subsidies isn't sustainable....
Oregon, California and other states are struggling under the weight of huge green-energy subsidies on strained public budgets. Oregon’s subsidies have exploded, and are expected to cost the state nearly $300 million this biennium alone.
Perhaps a little off-topic, but I thought this was interesting in that it illuminates the possiblity of corruption in so-called green practices:
IRS says 'tax avoidance' at heart of Solyndra bankruptcy plan
The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC's bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes. "The undeniable conclusion is that tax benefits drive this plan," attorneys for the IRS wrote in a bankruptcy pleading.
Taxpayers are on the hook for more than a half-billion dollars after the company filed for bankruptcy last year, just two years after winning a loan guarantee from the Department of Energy. What's more, government attorneys said that as far back as 2010, Solyndra owners had "planned meticulously" to be able to use Solyndra's net operating losses to offset future tax liabilities.
In the case of Solyndra, the biggest benefactor of the tax benefits and probably the reason why Solyndra got its loan guarantees in the first place when it was already known to be in financial trouble is its principal investor George Kaiser, a billionaire and major donor to Obama. But such abuses can occur in any administration and argue for an end to such government subsidies and supports in general.
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