US Senate rejects end to ethanol tax credits

posted by
June 14, 2011
Fox News    
Posted in News, PND News

"The Senate on Tuesday rejected a proposal that would have eliminated ethanol tax credits worth $5 billion a year -- a stunning setback for conservatives who were rallying around it in recent days as a way to reduce the national debt. Sen. Tom Coburn's, R-Okla., measure only drew 40 votes, way short of the 60 needed for passage. The proposal would have repealed a 54-cents-a-gallon tariff on imported ethanol, which restricts imports, mainly from Brazil. [editor's note: Once again, repeat after me ... ending a subsidy is NOT equivalent to raising taxes! - SAT] (06/14/11)

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