General Electric: Tax Avoiding Profiteer

I earlier decided not to post Timothy Carney’s earlier article at the Washington Examiner.  Mr. Carney did an excellent job laying out the tax code “boondoggle” which allows the green energy vagrants to feed at the door of hard working taxpayers in the form of subsidies and the Washington Examiner certainly doesn’t need referrals from this little blog.  Plus, there was little I could add, except outrage that this administration and many of our political leaders continue to ignore the financial difficulties faced by us small folks in order to line the pockets of the leeches in the horribly under-performing renewable energy business, so I let the opportunity to post the article pass.

But then this morning, on the heels of learning that General Electric, home of President Obama’s best buddy Jeffery Immelt, avoided paying billions in taxes comes this:  GE’s Profit Jumps 77%.

Focusing on industrial wind, it is not necessary that this blog take a political position.  Industrial wind has its supporters and detractors in both political parties.  But I find it beyond disgraceful that Jeffrey Immelt is allowed to sit at the right hand of the cash-cow in chief, guiding policy decisions that benefit Mr. Immelt personally, and his company.  Sure, it’s all legal … but it sure is slimy!  And it’s not what this President promised when he asked for my vote.

As a result, I am encouraging readers to review Mr. Carney’s article, “Boondoggle in tax code: Subsidies for green energy.”  Take note of the web of political hacks and high-rollers lining up to take your money and if his article isn’t enough to make the hair on the back of your neck stand up, you’re reading the wrong blog.

It’s tempting to slice a few tid-bits out of Mr. Carney’s article to tease, but regular readers should find this item enough of a nudge to stir an interest in what he has to say:

Take the Meadow Lake Wind Farm in Indiana, which received the single largest 1603 grant, $276 million. Meadow Lake is owned and operated by Horizon Wind Energy, a wholly owned subsidiary of EDP Renovaveis, a Portuguese company. Choma reported that the turbines at Meadow Lake are manufactured by Vestas, and thus “likely made in Denmark, where Vestas is from.” The turbines sit atop 350-foot towers imported from Vietnam.  So U.S. taxpayers cut a $276 million check to a Portuguese company in order to create jobs in Denmark and Vietnam.”

If you happen to notice that Horizon Wind Energy is mentioned as the owner of Meadow Lake, you might recall that we’ve highlighted their greed in recent posts. (here and here)

So folks … how long are you willing to permit this thievery to continue?  If you’re fed up, contact your Congressional Representative or Senator and let them know.  You might even let President Obama know what you think.

But then, maybe the ever faster “tick-tock” sound doesn’t really bother you:  US National Debt Clock

This entry was posted in Politicians and Wind Energy, Renewable energy debate, Renewable Energy Scam and tagged , , , , . Bookmark the permalink.

2 Responses to General Electric: Tax Avoiding Profiteer

  1. jon Boone says:

    Beautifully stated. Thanks!

  2. Pingback: Breaking Wind – Quick hits from the industry for January 27, 2012 | Allegheny Treasures

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