GRANTS a gift from Uncle Sam’s taxpayers, no payback required
TAX CREDIT Uncle Sam’s gift to reduce your tax liability generally when you put out your money first.
REBATE A payment from Uncle Sam for whatever reasons he decides to give taxpayer money away
SUBSIDY A form of a tax credit or a rebate for industries that require them to spend huge sums of up front costs to produce a vital product for the benefit of the government and the people.eg.
Ethanol industry receives a $9 billion subsidy in addition to grant money
Oil, gas industry receives a $4 billion subsidy for exploration and start ups. NOTE that the oil industry pays the government a 18% royalty for every barrel pumped to the surface and 40% in taxes.
Other industries such as the solar, wind, electric cars and hydro power have received grants, tax credits, rebates and subsidies from the stimulus funds.
President Barak Obama’s plan to reduce the countries need for foreign oil is.
Tax oil production RESULT higher gas prices
Void government subsidies ( $4 billion ) to the oil industries RESULT higher cost to produce oil and higher gas prices
Delay permit approvals to drill in Alaska, the US and the gulf RESULT US to be at mercy of higher Opec cost for oil to US
ADDITIONAL GOVERNMENT REGULATIONS on oil drilling RESULT higher production cost
Delay approval of gas/oil pipe line from Canada and Alaska
Raise mileage standards to auto makers RESULT government advocating hybrid car production
RESULT of the above loss of millions of JOBS and higher cost to consumers.
REALLY does Obama's plan wean the US off of foreign oil?