Obama’s Budget Amps Up Incentives for Green Energy, Taxes Natural Gas

Currently, the White House and President Obama are attempting to pass a new federal budget that would include a proposal to boost incentives for electric vehicle development.

This proposal would offer tax incentives up to $10,000– an increase from $7,500– to companies that lead the charge in electric technology, as well as other advanced energy technologies like compressed natural gas. Along with this incentive, the proposal also looks to boost funding for vehicle safety technology to $935 million over six years, while The Energy Department pushes a continuation of the $25 billion investment for an Advanced Vehicle Technology Manufacturing program.

Barack ObamaIn a speech at the Department of Homeland Security Monday, President Obama re-iterated the need for these programs by saying, “We are making the investments we need to keep America safe, to keep America growing.”

Some, however, are in major disagreement with Obama’s plan, which also seeks to raise taxes on U.S. oil and natural gas development.

“The president’s annual call to raise taxes on U.S. oil and natural gas development would hurt job creation, infrastructure investment, the federal deficit, seniors on fixed incomes and domestic manufacturing,” Jack Gerard, president and CEO of the American Petroleum Institute – the oil and gas industry’s main lobbying group – said in a statement.

“The United States is now the number one producer of oil and natural gas in the world. Tax increases would jeopardize America’s competitiveness as it would discourage future investment. We need policies that will encourage investment, and higher taxes are not the answer.”

So, what do you think? Is the president going to hard after “green” technology or is plan a wise investment for the future?

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