House Speaker John Boehner has finally acknowledged what Americans have known for a long time yet Congressional Republicans don’t seem to understand: the immensely profitable energy industry really doesn’t need federal subsidies, particularly when eliminating these needless giveaways would save our cash-strapped treasury up to $45 billion over the next decade.
“It’s certainly something we should be looking at,” Mr. Boehner said in an interview with ABC World News. “We’re in a time when the federal government’s short on revenues. They ought to be paying their fair share.”
Boehner goes on to say that President Obama is to blame for high gas prices, so voters will register their frustrations by voting against him in 2012. However, it’s more likely that Americans will feel similarly frustrated with the knowledge that while they are writing their check to the IRS each year and watching Congress cut the programs that matter most, huge companies are receiving enormous subsidies while raking in record profits. We would all be better off if Congress redirected these favors to big business toward creating jobs for the middle class.
Also, while we’re at it, requiring the country’s biggest companies to pay more than $0 in taxes would make sense too.