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Bye, Bye Energy Tax Credits?

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    Rep. Mike Pompeo, (R-Kan.), on the bill he proposed to end all tax credits for the energy industry.

  • Duration 4:16
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Meanwhile the Obama administration has been getting called out for picking winners and losers in the energy sectors mostly losers I should say.

But a new bill would eliminate all the energy all the energy tax credits would that make it even playing field for people in that business joining me now Republican congressman.

Mike Pompeo of Kansas who proposed the bill congressman -- to show forty trying to accomplish with us.

-- trying to accomplish several things first military thanks for having me on the show to talk about this.

First -- about affordable energy for the folks in Kansas and California just like your last guest.

Need affordable energy that they can depend on and rely on.

And our tax code has become one that favorite folks -- good political ties and not those customers.

And so we need energy companies to get back to do and what they're supposed to do creating value through finding customers not political patrons.

And my legislation does is that it gets rid of every single energy tax credit in the entire -- Senator Reid talks about closing loopholes I'm all for it we should close these loopholes for wind and algae.

And there's tax credits moral and gas to get rid of them -- and level the playing well yeah.

You know what I -- -- before you let it.

We're really interest -- congressman because.

If there's any area in which corporate crony -- is alive and well and the tax code it has to do with energy.

And much of this comes from the Obama administration with its green energy policies.

Don't you think they'll just find another way to help these companies out.

Well there's lots of ways that determined federal government and a president who is intent on.

Providing very expensive energy that people can afford -- don't want to the American people to do it.

A good start would be getting rid of these tax credits than we've got all the things that.

The loan guarantees that became Solyndra all of the other ways that a federal government can put its thumb in favor particular.

Friend of theirs -- an energy source.

That they happen to value up -- this would be a book good first start it's good tax.

Also I'm always good and journalists -- all in favor renewable energy Avant favorable way and I'm in favor what -- you wanna build mr.

private businessman.

I don't want to pay for it is that how you feel.

I completely agree I I'm very hopeful that one of these great energy sources will find an affordable solution for America.

But you know it's just like anything else -- you created dependent.

By handing the money from taxpayers and -- in the to them eventually they have to get off.

Get off they the dependents the element of the business they got to stand on their own two feet we've been subsidizing the wind energy for twenty plus years.

And they stand.

Particular -- is ridiculous.

From my point of you because you know -- -- public density of energy just isn't big enough to warrant that kind of investment I mean.

At the end of the day even in Europe where they've -- -- time delegate this is just not that successful.

We need to do other things and it seems to me that where we have a successful energy policy in this country that's being conducted by middle America.

It has to do with fracking.

How would your bill impact fracking if it.

All.

Well what -- do -- little put natural gas on a level playing field with every other energy source and today I'm convinced you see the price of natural gas right in.

-- fourth congressional district there's Phil Collins Mississippi -- Creating.

Core rate little towns in the big towns and Anthony -- -- this.

This important jobs creating piece of legislation in the way that -- these energy sources all go compete and tell customers you want my energy because it's affordable.

And it's reliable.

And if the others get -- like you said if -- the wind guys get their of the solar folks get their.

Good for them but they need to do -- their own money in their own risk capital.

Which is gonna mean for consumers -- my gonna have a higher -- -- lower bell.

If you get rid of the all these tax credit shall -- having a lower energy bill my bill also lower tax rates for every single company so when you close the loophole.

It generates revenue you talked about that in just a little bit earlier my -- -- that revenue returns it to the people and lowers marginal rates for every company all across America.

-- -- business will come to America the wanna invest here we'll have jobs and wealth creation all across America.

Well I haven't got that right I'd like to think that the tax benefits would flow through to consumers but it doesn't always happen that way back up.

Congressman -- thanks for coming on tonight fascinating Bill -- will definitely keep an eye on it appreciate it thank you very much.

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