"One of the best places to see the hypocrisy of the Republican deficit reduction plan is in the GOP's treatment of "corporate welfare." A case in point is the $6 billion a year that taxpayers surrender in subsidies for ethanol at 45 cents a gallon, almost all of which goes to refiners who blend the stuff with gasoline.
The subsidy comes in the form of a tax credit. That expense comes off the top of the dollars that a company otherwise owes Uncle Sam. The plan of House Budget Chairman Paul Ryan, R-Wis., to slash the deficit has a section on "cutting corporate welfare." Somehow Ryan sees the laws the Democrats passed to restrain Wall Street crooks as corporate welfare, and he is very specific about wanting investment banking restored as the "oldest established permanent floating crap game in New York." (From "Guys and Dolls," not Ryan.)
While Ryan's plan details how it will kill Medicare and smother Medicaid, it really offers nothing about tax credits, which some analysts say cost the federal treasury a trillion dollars a year".............READ MORE
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