Grassley Gets His Tariff

http://www.futureofcapitalism.com/2009/07/grassley-gets-his-tariff

We noted earlier this week that Senator Grassley, the top Republican on the Senate Finance Committee, was blocking the nomination of the American ambassador to Brazil pending reassurance from the Obama administration of its support for a tax on imported ethanol. The administration quickly avowed its support in a letter to Mr. Grassley from Secretary of State Clinton and the U.S. Trade Representative. "I'm glad the Administration made clear so quickly that the President supports maintaining the 54 cent-per gallon tariff on imported ethanol," Mr. Grassley said in a press release today. What a wonderful example of bipartisanship in Washington! Less glad will be American consumers who will pay the price at the pump for protectionism. The Obama administration is so upset about high gas prices that it wants to regulate energy traders, but it apparently is not so upset that it wants to risk Mr. Grassley's wrath, or that of the farmers in Mr. Obama's home state of Illinois, by repealing the tariff on imported ethanol.

by Editor  |  Jul 30, 2009 at 5:12 pm Related Topics:  Energy, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list