Santa visits USA early!

[TOM4CWB]

Senate Passes Tax Package
Comment on this post Posted by Cindy Zimmerman – December 15th, 2010
The Senate has overwhelmingly passed what is likely to be an early Christmas present for everyone, including renewable energy interests, with tax credits for ethanol and biodiesel extended for another year.

The vote was 81 to 19 to pass the bill, which was primarily to extend both unemployment benefits and the Bush era tax cuts. The House is expected to take up the measure as soon as today and analysts believe that it will pass largely intact, with major concerns there being with the estate tax.

Biodiesel and ethanol trade groups were quick to praise the Senate action. “The National Biodiesel Board (NBB) is pleased by the Senate’s vote to retroactively extend the biodiesel tax incentive,” said Manning Feraci, NBB Vice President of Federal Affairs. “This will help ensure that the nation reaps the job creation, energy security, and environmental benefits associated with the expanded domestic production and use of biodiesel in the coming year.”

Renewable Fuels Association (RFA) CEO and President Bob Dinneen said in a statement that extending the ethanol incentives will help save jobs and give the industry some stability. “Members of the RFA greatly appreciate the work of ethanol advocates, led by Sen. Charles Grassley and the Obama Administration, to ensure these important job-creating provisions were included. We strongly urge the House to take up the measure as soon as is possible and to pass it before adjourning for the year,” said Dinneen.

“This bipartisan vote shows that the Senate is committed to enacting sound tax policies that invest in green industries, like ethanol,” said Growth Energy CEO Tom Buis.

related topics: Biodiesel, Ethanol, Ethanol News, Growth Energy, NBB, RFA

[mustardman]

So let me guess, they continued the Bush tax cuts and then what borrow more from China to make up the difference? There have been alot of Empires that have gone broke fighting wars ie. the Roman Empire,the British Empire ,the Soviet Union(Afghanistan)These countries overextended themselves and Raised taxes to help pay for the wars but they had to bail.

NOW we have the Americans who are fighting 2 WARS and trying to get over an Economic MeltDown and Fox News(Hannity) thinks they need tax cuts!

Sounds like the gov't with the republican in the house are doing just that. Will this be the end of another Empire?

[Happytrails]

Ethanol subsidies are great news for grain farmers...bad news for the rest of us. Not only a false economy based on subsidies but one that promotes playing with food.

The facts are that turning grain into ethanol will never satisfy our fuel needs (wants?) but will certainly make food less abundant and more expensive.

North America is blessed with more arable land than we need to feed ourselves hence the ethanol adventure. I guess it will exist as long as the taxpayers allow. HT

[fjlip]

Let's watch if this rational works. Borrowed to the hilt, and lower taxes risking going deeper into debt. Only hope is a surge in economic activity to offset or even surpass current tax revenue. Interesting. In theory lowering taxes would create ever increasing economy and more revenue. Will our feds follow suite?

[TOM4CWB]

fjlip,

PM Harper is smarter.

Take the World Expo 2017 that they refused to fund.

It was the 'secondary' Expo that was going to cost 10B PLUS. Refinery Row would have needed to been fenced off.

LRT expansions were not in the budget. Mandell was going to leverage billions more out of the $10b fed/prov cost...

Building things just for the pleasure of looking pleasant does not produce any lasting prosperity.

It very much appears the US is building capacity to reduce dependance on middle east oil... a very smart move. The ethanol food debate; forgets the DDG benefit and high quality meat and feed it creates.

Corn at 250bu/ac and beans over 100bu/ac have a small carbon foot print... as yeild increases on Canola... we will be a great northern climate fuel source that conditions and further reduces GHG emmissions.

PLUS we are in profitable prices and need no subsidies other than stabilisation in case they stop supporting our industry with the bioeconomy.

[boarderbloke]

mustardman, you do realize that the 111th congress is still sitting, and the Dems have full control of the House(by 63 seats) Senate(by 16 seats) and also the White House!!!! The Dems have the MAJORITY in all three legislative bodies. The 112th congress where Tea Party and conservative canadates won, don't sit till Jan/2011. The Dems can stop all the spending and can change tax rates if they really want to, but they won't because they believe more spending and borrowing will get the country out of debt! Notice now, how Obama spins that leaving all the tax rates the same is just more stimulas spending. What a clown, flip flopping on his own base.

[ajl]

The idea of tax cuts is misleading. They simply maintained tax levels where they were. Whether that was a good idea or not I don't know. My tax levels are high enough. The big question for Canadian farmers will be what will happen to the surplus corn when the US defaults on their bonds and ethanol subsidies stop. I imagine that it will be for grain farmers like the day that mad cow was found in Canada for cattlemen.

[TOM4CWB]

AJL,

Think about what you just said;

Remember QE2, that came from QE1... that came from TARP...

Bail out of GM?

Too big to fail banks?

If corn went back to under $2... what would happen to the US economy? Beans at $5?

How much cash is lost?

Cut gross grain income by 2/3rds and watch the US economy!

Too big to fail... goes for Ag as well as banks!

The reason we are NOT in a 1930s depression... Ag is prosperous!

Kill Ag... kill the economy!

[mustardman]

Boarderbloke you are correct the recent cons and tea partier don't sit yet. But there is a Theme in US that Tax cuts will fix things up, And yes it will work under certain circulmstances. But when you are borrowed to the hilt, have a deficit that is too big to count and are fighting 2 wars,THIS Is Not the Time

[Choice2U]

And I thought Obama had balls. Mustardman, how can you still sit there and blame the electorate because of their believe in tax cuts and not hang any of the "tax cut" BS that you are talking about on the Senate, Congress and President (all democrat controlled)...Socialists are such hypocrits!

[mustardman]

choice who the fu-- are the socialists. The Dems are more like the Canadian cons and the repub are just further right. YOU ACTUALLY think they can Lower taxes ,Stimulate the economy,Not cut programs,Win the Wars, and Not ask China for an increase in their allowance?

You do books way dfferent than I do