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| The Buffett Subsidy? Of Course Its Free |
The Buffett subsidy is named after billionaire Warren Buffett, the third richest man in the world. Buffett’s net worth is estimated to be $44 billion. Yet Buffett collects millions, if not billions in a subsidy called the Wind Power Production Tax Credit.
The Republican House killed the PTC in what in Washington speak is called the “tax extender package.”
But have no fear, the GOP is back to subsidize liberal billionaires.
From the Washington Examiner:
Republican leaders hope that they can extend dozens of expiring tax provisions worth into the hundreds of billions of dollars even before they take control of the Senate in January, clearing the way for other work and gaining an early victory on tax policy.
Soon-to-be Senate Majority Leader Mitch McConnell listed passing the provisions, known as “extenders,” just behind a government funding bill as a priority for when the Senate reconvenes for the first time since the midterm elections this week.
“We’ll be talking about whether to do the tax extender package,” McConnell said in a press conference in Louisville, Ky., following his re-election last week.
“[T]here’s a whole lot of unfinished business sitting there, some of which it might be advantageous to get out of the way,” McConnell said. “The Democrats may want to do it and we may want to do it in order to clear off some of the necessary work that’s simply been undone in the dysfunctional Senate.”
The extenders include 55 temporary tax provisions that expired at the end of 2013, including business provisions such as credits for research and experimentation as well as measures that affect individuals, such as the state and local tax deduction. They also include energy credits, most notably the renewable electricity production tax credit that has aided the U.S. wind farm industry.
Is the GOP tone deaf?
The American people are tired of subsidizing Warren Buffett. He has done well enough on his own. He can figure out profitable investments without the American taxpayer subsidizing him.
There’s another issue here too. The Green-Left or as I like to call it, the “Liberal-Cronyist Complex” spent billions to ensure that liberal Democrats would be reelected. They did this just so they could keep outrageous subsidies like the Wind Power Production Tax Credit.
Why is the GOP rewarding and subsidizing their enemies?
Call Mitch McConnell’s office today at (202) 224-2541 and tell him we did not elect Republicans and put them in the majority just so they could take tax dollars from real Americans and use that money to subsidize rich liberals like Warren Buffett.
Tell the Republican Party the Buffett subsidy has got to go.
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