Multibillion dollar tax subsidy for
the use of clean, that's cool when
you take it out of the mines and
you clean it that was passed under
the Bush administration.
Investigative reporting has found
later that this clean coal is
actually producing more smog than
previous than they were supposed to
be in the first place the whole
point of these subsidies.
So now Congress is
investigating whether or
not to renew this subsidy, which
expires at the end of the year.
So Reuters reports that the
Government Accountability Office is
examining the refined coal tax
credit program, which generates at
least $1 billion a year for
US corporations.
After evidence emerged the power
plants using the fuel produced more
smog and not less.
The outcome of the probe could play
a big role in whether lawmakers
vote to renew the subsidy,
on tract by again,
as I was pointing out in the year.
So section 1307
of the Energy Policy Act of 2005.
It authorized $1.65 billion in tax
credits for clean coal projects.
$800 million of credits to
support Integrated Gasification
Combined Cycle projects for
electricity generation.
$500 million for
support advancing coal electricity
generation projects that utilize
innovative technologies and
another 350 million to gasification
projects that support activities
other than electricity generation.
So, before we jump into the profits
with this, some of the companies
and beneficiaries of this include
global insurance brokerage,
Arthur J Gallagher & Co,
Detroit utility DTE Energy Co,
Boston-based Fidelity Investments,
Goldman Sachs Group, JPMorgan Chase
& Co, pharmaceutical giant Mylan NV
and Waste Management Inc,
that's according to disclosures
that was reviewed by Reuters.
So some progressives that are that
have been elected have seen
the problems that Reuters reported
before.
And they're, well,
why would we continue to do this?
Billions of dollars well, over $1
billion worth of tax credits going
to these companies to do something.
There's simply not doing,
go on Jank.
>> Yeah.
All right.
So this is Crony Capitalism 101.
These giant companies give money to
politicians and
then politicians in return,
give them billions of our money.
Because this every single year that
they get over a billion dollars.
That's why some of those giant
banks have piled up over a billion
dollars in benefits just for
themselves.
So and it doesn't work
of course not.
That's not the point.
The point is to funnel our money,
to giant corporations, and
that mission is accomplished.
So first of all, let's clarify Jr's
comment about how you,
take out the coal and wash it.
And then I'll give you some more
stands about what a debacle
this program was.
This is the reference he
was alluding to.
>> And it's just been announced
that a second brand new coal mine
where they're going to take out
clean coal meaning they
are taking out coal,
they're going to clean it.
Is opening in the state of
Pennsylvania the second one
[APPLAUSE] >> No, they don't.
They don't take out the coal and
then clean it.
They don't.
Okay. Hey guys, hey, anybody run
the dishwasher get the coal?
Okay, all you put in the washer and
make sure you put it in the dryer
afterwards.
Okay.
No, that's not how clean coal
works.
Besides which clean coal was
always BS.
It was never real.
It was a marketing gimmick.
And so they're, all right now we're
going to out, go clean the coal
let's see how that goes.
Okay, so
Dukes Marshall steam station in
Cheryl Ford's North Carolina tried
this for a couple years I give him
credit because they actually looked
at the facts and then decided not
to do it going forward because they
found out that the nitrogen
that they're trying to get rid of
by washing the coal actually went
up 33 to 76% higher in the three
years that they were using it.
They're like, well,
that defeats the point.
So they're rare company who stopped
because it's making it
worse something you better, right?
By the way, it also is a byproduct
that gets into the water and
was poisoning nearby water supply.
And so and after they stopped doing
that three months later,
the water was back totally fine.
This is a disaster.
It's a why because they're adding
chemicals to the coal which
is already disastrous on several
grounds because the chemicals that
are already in it,
it's extra chemicals.
It doesn't help, it makes it worse.
So, look, I've got 1000 stands on
why it's worse.
They tried on 56 plants, only three
of them could show that because of
this, their emissions went down,
three out of 56.
22 out of the 56 plants had
the nitrate nitrogen oxides go up,
not down.
Up, it went up.
Okay, that's
just a debacle of epic proportions.
We're paying them to make it worse,
okay.
And this isn't just climate change
it leads to smog, it leads to acid
rain, it leads to the pollution of
the water supply in your hometown.
This is insane.
And look, every study that's looked
at it was, don't do that.
The normal dirty coal power
plants had a better performance
in lowering nitrogen oxides than
the clean power plants.
[CROSSTALK] It should actually be
labelled extra dirty coal.
That's the more accurate title for
this thing.
>> It's like they take the coal out
and they get it dirtier before
they put it back in.
>> Obviously.
>> So [LAUGH] >> Think about this
way. >> They take the coal out,
spit on it,
rub it onto their underarm, and
then they throw it back in.
That simple that he really thinks
like in these terms.
>> That's the way we can
know how this actually works.
So I want you to think about it.
People are filing taxes right now.
We've been many people been out of
work for a year.
After the as the pandemic was
raging in 2020 and still is now.
So imagine doing your taxes and
then getting some tax credits
you like,
man, what tax credits can I get?
Maybe you're talking to someone who
knows what they're talking about,
your tax professional.
It's like there's got to be some
tax credits.
And it goes, yeah,
there's a few of them here, but you
don't actually have to follow any
of the things you have to do to get
those tax credits in fact, he does
the opposite, we'll give it to you.
Who has that deal?
Which one you guys have a deal
at home?
Are you going to sit there going
yeah man I'm going to get by
the way to the tune of
billions of dollars.
Imagine if you did that to the tune
of $1500 they're going to come
after you, and they're going to say
you're breaking the law.
What are you doing asking for
tax credits for something that you
do not qualify for?
But here you can qualify for it be
blatant about it and hope that it
continues not, hey, let me see if I
can switch this up and maybe begin
to fall under the right parameters
to receive this tax credit.
No, just let's forget about it.
So keeping that in mind first
of all I want to go to this to
the graphic about how much is being
spent here the damages and how
much is being burned every year.
So, just last year 150 million tons
of refined coal was burned in
the United States,
according to the U.S.
Energy Information Administration,.
Producers get a tax rate of $7.30
for each ton burned.
150 million tons was burned.
You get $7.30 for
each tonne that is burned, and
also by the offer Arthur Gallagher,
who is company that I mentioned
earlier, they stockpiled about $1.5
billion in tax credits from
investing in this and
he's hoping that they'll continue.
So he's quoted as saying, I always
think there's a chance that we can
continue this extension.
We hope that there's some proposed
legislative changes that would,
not hey, we got to figure out how
to find our ways to get back into
the right parameters to receive
the tax fit.
Let's just hope it continues
because we're not doing anything.
But hey, we want the money.
Can you imagine saying that out
loud after it's been discovered
that you're not falling into
the right parameters to
get the tax credit?
Well, I'm not going to do it.
In fact, it's going to stay bad.
But hey, we're going to keep this
money rolling in, but
you're at home are going to have to
be worried about it.
Receiving something simple as
a COVID relief check,
which is nowhere near enough.
And if you don't qualify correctly,
because you make a little too much
money, that's another problem and
we're going to make sure we cut out
cut your knees off mud you there
because hey,
you made some money in 2019.
But here you can just
blatantly say,
let's not follow the rules and hey,
you better extended because I'm me.
>> Yeah, look, I don't understand
how this is debatable.
We're still two years after Reuters
did this brilliant investigation.
And look, I beat up on
the mainstream press all the time,
rightfully.
So but I love giving them credit
when they do great investigative
reporting and
Reuters did in this case.
The juries in the evidence is
definitive.
And I don't know why Conservatives
wouldn't be on our side.
Exactly coal is dirty coal, and
why are they giving our taxpayer
money to these giant corporations?
because service should hate that.
It's definitely crony capitalism.
And it's dumb, it doesn't work.
So, one of the things that they did
to give you a sense of how
bad the crony capitalism was,
they said, now we're not going to
test your emissions because that
would actually show what you're
actually doing.
Okay, instead we're going to let
you take a couple of lumps of
coal and bring them to a lab.
And when it do a lab tests a couple
times a year, well, then you might
actually take it out and
put it in the dishwasher and
bring it to them.
[LAUGH] Of course you're going to
bring it the cleanest goal
you have.
Okay, whatever that is he went to
the presence or didn't I don't know
the specifics of the lab tests.
But I know that if you're not spot
checking them and
they're bringing the sample to you,
it is 100% unadulterated BS.
Everybody knows that, right?
So that's saying,
just take the money because you're
our contributors, we don't care.
So just do anything you want.
It's mainly going to big banks.
So what do we care?
Those are our biggest contributors.
But I got to finish this.
Look to give you a sense of the
correct analogy here, coal creates
this massive problem, right?
This the nitrogen oxides,
let alone the mercury and
all the other things.
It basically pollutes
the area around it.
It's like somebody that comes and
says; look, I'm going to drop
number two in your house, okay?
And then instead of saying, no,
don't do that.
I don't know you and
don't do that in my yard.
Are you nuts?
[LAUGH] >> Right?
The government says I'll give you
a billion dollars to drop a cleaner
one on my front lawn.
[LAUGH] >> And then it turns out,
no, you don't drop a cleaner one,
you drop a much dirtier one.
And then we're negotiating.
Well, should we give him an extra
billion dollars or should we not?
No, how about you tell him not to
get dumped on your lawn?
How about that?
It's not that complicated,
it isn't.
The only reason we're having
a conversation about it is because
all of our politicians are totally
bought off.
They're 100% corrupt.
But no one in the press will tell
you that because that would be
rude, telling you the truth
would be rude.
So, that's what happened.
>> And my very last thought that
same Arthur J Gallagher.
It's companies also,
they stockpiled at 1.5 billion.
One billion of it has been remained
to be used in future years to
offset federal tax liabilities.
So just have it hanging around.
Do you guys have that money hanging
around for any to offset any future
tax liabilities that you may have?
Because I don't know you're
living or maybe you're
trying to stockpile it so
that your company can continue
to do what they've been doing and
have absolutely no problems.
So is the money needed?
Is it being reinvested into
the economy?
Is being reinvested
into the employees?
Is it trickling down?
Is everyone doing great
because of this?
Or is just a few companies doing
great because of this?
>> You know, Jack, here's one thing
I one question I never heard about
this subsidy that we're giving.
How are you going to pay for that?
It doesn't even work.
It's billions of dollars over all
these years and yet, no one asked
because it helps giant businesses.
How are you going to pay for that?
That's only if it helps Americans
and the average citizen.
Do you get that question from
Anderson Cooper.
Let's keep it real.