Congress has tried to create a charmed life for ethanol and Midwestern corn growers in recent years.
First came a hefty tax credit for producing the renewable fuel. And in late 2007 U.S. lawmakers passed a new standard that requires quadrupling the output of ethanol and other biofuels by 2022.
But this month the federal Government Accountability Office issued a sobering report that questioned the need for the tax credit because it’s not expected to boost ethanol production beyond already-mandated levels.
In reaction, Congress should scrap the 45-cent tax credit that artificially supports each gallon of ethanol.
The credit helps keep out cheaper ethanol from Brazil, boosting the cost of driving for American motorists.
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