China Joe-Kamala Admin Says Getting Rid Of “Subsidies” Totally Won’t Raise Energy Prices

As we all know, they really aren’t subsidies, they’re tax breaks, most of which are available to lots and lots of companies who do other types of business. We also know that when you raise taxes the costs are rarely eaten by the companies

Treasury says plan to end fossil fuel subsidies would bring in over $35 billion

The Treasury Department estimates its plan to end subsidies for fossil fuel companies would bring in over $35 billion in federal revenue over 10 years.

Driving the news: “The main impact would be on oil and gas company profits. Research suggests little impact on gasoline or energy prices for U.S. consumers and little impact on our energy security,” officials said in a report on the wider White House tax policy proposal.

• The White House has not spelled out precisely what tax code provisions that affect fossil fuel companies they want to change.
• But past Democratic proposals have taken aim at areas like write-offs for certain drilling costs and the oil-and-gas industry’s eligibility for deductions on manufacturing income.
• The White House is looking to boost tax revenue from the oil industry while expanding tax incentives for renewable power, creating new transmission and storage credits and more.

The other side: The oil-and-gas industry argues that it doesn’t get special treatment under the tax code, and instead uses provisions aimed at spurring a wide range of business investment.

It’s always great when you have people making tax and monetary policy who have no experience working in the private sector, at least not anytime this century, eh? Seriously, all these fossil fuels and energy companies should just not sell their product to the White House. Let’s see how well they operate.  Also, isn’t it required for Congress, specifically the House of Representatives, to change provisions of the tax code? That’s what my copy of the Constitution states.

But, take away those write-offs and deductions and the money gets passed on to the consumer. It means less investment, fewer pay raises for employees. None of this happens in a vacuum, as these Government fools always determine.

Meanwhile, John Kerry continues to be very silly in India

Biden will restore U.S. credibility on climate change, says John Kerry

…

“[Former President Trump] shot America’s credibility in the head and turned his back on science,” Mr. Kerry said in response to a question from The Hindu at a media roundtable at the end of his visit, referring to the U.S. decision to pull out of the Paris agreement (UNFCCC) on climate change in 2017.

“The United States comes back to the table understanding this obligation, understanding what we need to do, we come back with humility. We come back knowing that the for the last four years we’ve disappointed people,” he added, but pointed out that many U.S. states and cities had stayed the course on climate change mitigation despite Mr. Trump’s pull-out from the agreement.

This after taking a long fossil fueled flight almost halfway around the world.