

Much of the ethanol produced from the corn was exported overseas


Source: Scientific American

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RE: What the ****?
By netminder69 on 10/17/2011 10:06:19 AM , Rating: 3
That's a lie presented by politicians who want to demagogue for votes. The government doesn't cut any subsidy checks for oil companies. There are no tax dollars flowing from the government to oil companies. If you went through the government's annual budget you would never find a line item in it for subsidies to oil companies (which you would find for ethanol and other things). The so called "subsidies" (which politicians later called "loopholes" when they were called out on it) are tax code deductions allowed for capital expenditures, of which the oil industry has more than most. This deduction is not special to the oil industry, it is a deduction available to any business that files taxes in the US. It's the business equivalent to you being able to itemize a job expense on your own taxes. It's not a matter of "ending subsidies" to them as much as it is wanting to change the tax code so one industry is excluded from something everyone else gets.

