Monday, September 29, 2008

More on Renewable Energy

With all the focus on the current economic crisis and who is to blame because of the obvious failure of congress to pass the wall street bailout or rescue plan, I am going to be different and mention another bill that our legislatures cannot seem to agree on which is bill HR6899. The Senate passed bill HR6899 by an overwhelming 93 to 2 vote which extends the investment tax credit for solar energy for eight years at a cost of 1.9 billion, the tax credit for residential solar property for eight years at a cost of 1.3 billion, extends the production tax credit for wind energy for one year, and the production tax credit for refined coal, biomass and marine renewable for another two years at a estimated cost of 5.8 billion dollars. These tax credits are scheduled to expire on December 31, 2008 if they are not extended by our elected officials. To pay for this bill, the Senate would freeze the tax deduction oil and gas companies receive for their domestic manufacturing operations at 6 percent, while other American manufacturers will see that deduction rise to 9 percent in 2010. That provision will raise $4.9 billion over 10 years. The bill would also raise another $2.2 billion by tightening the rules applying to oil and gas companies' taxes on income earned overseas. The bill would raise an additional $1.7 billion by increasing what producers must pay to the Oil Spill Liability Trust Fund from 5 cents per barrel to 8 cents per barrel starting in 2009 and then 9 cents a barrel in 2017.

A statement from the white House has indicated that the Bush administration opposes the language that targets the oil and gas industry. "At a time when consumers are already struggling with the high price of gasoline and diesel fuel, Congress should not put additional upward pressure on fuel prices."

The House has approved a similar bill by a vote of 267 to 166 but it differes in key areas fron the Senate bill. The House bill is fully paid for, by limiting tax breaks given to the oil and gas industry and closing loopholes hedge fund managers and corporations use to lower taxes on overseas income. The Senate bill is only partially paid for by through limiting tax breaks for oil companines. As a result of the difference in the two bills, the Senate and the House must now reconcile the bills so that it can ultimately be signed by the President.

Friday, September 19, 2008

The Senate is expected to Vote on Bill HR 6899

While looking into ways to reduce my energy bills since my electrical bill has doubled in five years, and my home heating cost has tripled, I came across some interesting information concerning federal tax credits for renewable energy.
The House of Representatives has voted and approved energy bill HR6899 and has sent the bill over to the Senate where it awaits approval. The Senate is expected to vote on extending the tax credits for wind, solar, geothermal and biomass energy. These tax credits are all set to expire at the end of the year. With the price of heating oil at approximately $4 per gallon, Congress and the next president meed to develop an energy policy that will cut U.S. reliance on foreign oil.

The proposed bill would extend the tax credits for producing electricity from wind energy for one year, and other renewable sources of energy such as solar, geothermal and wave energy for two years. Businesses would get a 30% tax credit for 8 years for investing in wind, solar, geothermal and ocean energy. Homeowners would get a 30% tax credit for 8years toward the cost of installing solar equipment on their homes. The tax credits will be paid for by eliminating the 18 million dollars in tax breaks to the oil companies who have had record profits as a result of the high cost for a barrel of oil. Once the Senate passes the bill, it goes to the President to sign. This part will be tough because some of the president's senior advisers have indicated that they will recommend that the president veto the bill.
Here is a brief discussion of some of the more popular sources of renewable energy:
  • Solar Energy is the conversion of sunlight into electricity through solar cells or photovoltaic.
  • Wind Energy is the conversion of the energy of the wind into electricity though wind turbines.
  • Biomass refers to the use of biological material, both living and dead, in order to generate electricity or fuel.
  • Geothermal Energy is the use of heat that is generated by the Earth for heating and air conditioning.
  • Wave Energy refers to the energy of the ocean's surface wave to produce electricity.

Wednesday, September 10, 2008

Tax Credits and alternative Fuels

If you are concerned about rising energy costs for electricity and home heating oil then check this out.

'Green' Energy Tax Credits Slow to Take Off
The Georgia Clean Energy Property Tax Credit came into effect July 1st. The credits give homeowners incentive to install clean-energy technologies.

Congress must take action to promote wind, solar energy
This nation must create viable alternatives to generate a substantial amount of energy in an effort to break our dependence on oil.

Let the sunshine in - Program supports homeowners who harvest sun's energy

New Jersey renergizing solar rebate program
New Jersey will restart its solar rebate program and subsidize residential solar energy projects through 2011, a spokesman for the state Office of Clean Energy told a home energy conference

A Taxing Decision for Alternative Energy

Saturday, September 6, 2008

Something other than Obama and McCain

The first time I came across these articles about ballot initiatives on cutting taxes, I must say that I was surprised. Many states are already concerned about decreasing revenues from taxes because of the slowdown in the economy and now they want to vote on giving the state even less money by getting rid of the state tax. Whoever, became up with that one must be a real Einstein.

Group unhappy with tax measure's summary

By Brian Duggan

The group sponsoring a ballot initiative to cut the state income tax in half are calling foul after Secretary of State Al Jaeger changed the measure's summary to reflect a number of errors in the petition.

Income-Tax Repeal Opponents Plan Strategy
By Tammy Daniels

Opponents say it will gut social services and local aid; proponents say it will put more money in citizens' pockets. On Nov. 4, voters will decide a ballot question that could ravage local and state budgets for years to come.

Rangel Says He Didn't Know of Loan Terms
Villa Deal Compounds Controversy

Rep. Charles B. Rangel (D-N.Y.) did not know that the Caribbean resort villa he purchased 20 years ago was financed with a no-interest mortgage from the developer and has generated $75,000 in income.

Fitch Rates Connecticut's $500MM 2nd Lien Special Tax Obligation Refunding Bonds 'AA-'

Fitch Ratings assigns an 'AA-' rating to $500 million State of Connecticut second lien special tax obligation (STO) refunding bonds, transportation infrastructure purposes, 2008 series 1.

McCain, Obama Tout Competing Plans to Save Social Security
By Edwin Chen and Kim Chipman

Presidential candidates John McCain and Barack Obama made dueling pitches to the nation's elderly, each vowing to bolster Social Security while offering very different approaches.

Grandparents Plan To Help Finance Their Grandchildren's College Education

Banks are cutting student loans and financial aid packages are dwindling as the nation's freshman class reaches an all-time high.

An Analysis of the Candidates Tax Plans

More analysis on the candidate's tax plans.

The Rhetoric and the Reality
A political convention is a license if not to lie then at least to tell the truth creatively. At their quadrennial gatherings over the last two weeks, Democrats and Republicans presented their records and their platforms — and those of their opponents — through typically partisan lenses that blurred or distorted the real picture.

Comparing the McCain and Obama tax plans
Mickey Hepner The Edmond Sun
Now that the political conventions have ended it is official, the next president will be either Barack Obama or John McCain. During the next two months we will hear a lot about these two candidates, but few issues better illustrate the differences in these two candidates than their tax plans.

More reading on the tax plans.

Exposing Five Dangerous Lies in McCain's Big Speech
. Posted September 6, 2008.
False McCain Claim: "My health care plan will make it easier for more Americans to find and keep good health care insurance."
Facts: McCain's Health Care Plan Does Little to Reduce the Ranks of America's Uninsured and Would Erode the Employer-Based System

Obama Claims 'Nobody Disputes' Disputed Tax Cut Claim
September 05, 2008
"Let me tell you my plan," Sen. Barack Obama, D-Illinois, told some employees of the SCHOTT glass company in Duryea, Pa., earlier today. "Ninety-five percent of Americans would get a tax cut under my proposal."

Obama Economic Advisor Goes on Offense Against McCain
A top economic advisor to Sen. Barack Obama cited stark differences between the Democratic presidential candidate’s plan for the economy and that of Republican rival Sen. John McCain on Friday, expressing confidence that voters will side with Obama on what is likely the top issue in the November elections.

The Tax-Cut Frame: Both sides pander
We've heard a shared refrain from Democrats and Republicans alike over the past couple of weeks: We need tax cuts. Sure, there are differences. One's for "middle-class tax cuts." The other promotes "pro-growth tax cut.

The Candidates On Taxes
They may paint themselves as agents for a new, more bipartisan attitude in Washington, but John McCain and Barack Obama both tend to adhere to their parties' usual approaches to tax policy.

Palin Boosted Oil-Company Taxes While Alaska Had Budget Surplus
By Alison Fitzgerald
Sept. 6 (Bloomberg) -- Alaska Governor Sarah Palin, who has joined the Republican national ticket as a tax-cutter, was a driving force in raising a tax on oil companies last year that will help swell the state's budget surplus.

Tuesday, September 2, 2008

More On The Candidates Tax Plans

Just in case you may have read this blog and thought "boy these articles sure are slanted towards Obama." Well here are some stories that slanted towards McCain.

John McCain Has a Tax Plan To Create Jobs
John McCain's tax policies are designed to create jobs, increase wages and allow all Americans -- especially those in the hard-pressed middle class -- to keep more of what they earn. His plan achieves these goals in three important ways.

McCain could spell tax relief for Long Island
As the Republican Party faithful continue their convention in St. Paul, it's time for deepest-blue New York to take another look at this race.

Obama speech has positives, but promotes tax shell game
Barack Obama had best become the messiah, considering this utopia he promises.
His acceptance speech last week had a shelf life of 10 hours, spent while most Americans slept. They awoke to find a news industry that had moved on to focus on the announcement of John McCain’s new running mate, the conservative and popular governor of Alaska

Monday, September 1, 2008

Tax plans of Senate Obama and Senator McCain

If you are wondering who has the better tax plan for your wallet, the Tax Policy Center has just released an Updated Analysis of the 2008 Presidential Candidates' Tax Plans. Below is an except from that report.

Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the nonpartisan Tax Policy Center. Neither candidate?s plan would significantly increase economic growth unless offset by spending cuts or tax increases that the campaigns have not specified.

You can read the complete version in pdf and make you own assessment on who has the better tax plan for you.

If you want more analysis of what both Senator Obama and Senator McCain have planned for the American citizens of our great country and how they effect your wallet, then read on.

According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families.

If you live in North Carolina, I think this piece of information may be of interest to you.

A report out this week from the N.C. Justice Center provides a sobering account of the economic well- being of typical North Carolina households.
Despite a period of economic expansion that likely ended in 2007, the average North Carolina household is no better off than in it was in 2000. Moreover, the number of people living in poverty rose from 13.1 percent in 2000 to 14.3 in 2007 and the number of people without health insurance jumped from 15.1 percent in 2004-05 to 17.2 percent in 2006-07.

If you are interested what they might be saying in the midwest? Then read this

A presidential election is just two months away. So this Labor Day weekend, rather than reflect on the state of the work force, let's instead consider how working people are likely to fare under several of the policies of the two nominees, Barack Obama and John McCain.

Here are more articles on the tax plans of both candidates.

  • John F. McCain by Peter Ferrara
The best components of John McCain's campaign are his tax and budget proposals.
Even though Obama says he'll cut taxes for 95 percent of Americans, Gallup records 53 percent thinking he'll raise them.