Congressional Democrats are taking the lead to renew a list of long-dead tax subsidies at the behest of powerful corporate lobbyists.
Their plan is to attach the long-sought-after corporate tax subsidies—called “tax extenders”—to a bill that expands welfare spending. How to pay for it? They plan to cover about a quarter of it by raising the estate tax. The rest would be added to the already-massive federal deficit.
The House Ways and Means Committee will consider the package of bills on Thursday.
There are 14 tax credits and other privileges under consideration that subsidize certain types of energy production and use. Biofuels, plug-in electric vehicles, coal facilities, and energy efficient homes all have their own carve-outs.