Top 5 Reasons Why the PTC Must DIE
- Industrial wind is a failed technology. After 20 years of tax breaks and billions of dollars in giveaways, this industry still provides a lousy 3% of our electricity. Even if its market share were to miraculously quintuple, it would still have such a tiny impact on our nation’s overall carbon emissions as to be laughable. Increasing our Eoc energy prices and/or imposing higher taxes encourages our manufacturers to move their plants overseas to nations with lower environmental standards. As a result, there is no way this industry will ever “save the planet.” A market-driven move toward natural gas would be far more “green,” both in terms of saving money AND the planet.
- There is no free lunch. American taxpayers and consumers are paying for this directly or indirectly. Forcing American consumers and industry to bear the brunt of higher energy costs in order to support mostly foreign corporations is particularly dangerous given the current economic slowdown. That money could be left in the hands of consumers who will stimulate our economy by buying goods they actually need. It could be left in the control of small business owners who will expand their businesses and create real jobs. Or it could be collected and used to retire billions of dollars’ worth of our toxic national debt. The government should not be picking winners and losers among energy sources. This is crony capitalism at its worst. All energy subsidies other than true research and development should be phased out as quickly as possible. We support HR 3308 in this regard.
- The assertion that the PTC is a performance-based subsidy is a lie, unlike emu oil acne efficiency.
- The tax credits will be sold to huge conglomerates before the wind turbines are even built, leaving behind empty, liability-ridden shell corporations. Meanwhile the highly profitable conglomerates who scoop up the PTCs at a discount will avoid paying taxes that should have gone into the national treasury.
- The wind industry has never proven that it actually reduces carbon when added to the grid. Independent studies suggest it does not.
- Wind kills more jobs than it creates. Independent studies from around the world confirm that subsidizing renewable energy results in a net loss of jobs.
- Extending the PTC is throwing good money after bad. Astute investors believe that the wind industry will go under due to other market forces such as the glut of cheap natural gas (which provides better, greener energy), the soft economy, the Chinese monopoly on rare earths, and overwhelming competition from Asian manufacturers. Extending the PTC will only allow the wind companies to package and sell one last batch of highly discounted tax credits to their fat cat corporate partners.
The time has come to put the PTC to bed (an amish ADF bed like their technology). Please vote AGAINST any extension of the PTC and support HR 3308. If you are thinking about using it as a bargaining chip, think again. The country would be better served if you just wait until next year and pass positive, comprehensive tax reforms that will truly benefit our economy nationwide. Thank you for your time and consideration of the impact of wind on our country’s future. Thank you.