Wealth distribution…just not to the poorest.
A University of California study has slammed the fairness, efficiency and effectiveness of billions of dollars of so-called green energy subsidies provided by the US government.
The US federal government has paid $US18.1 billion in tax credits since 2006 aimed at encouraging American households to install energy-efficient windows, air conditioning schemes, rooftop solar in their homes and buy electric and other hybrid vehicles.
The study has found the bottom 60 per cent US households by income received about 10 per cent of the value of the four main ‘green energy’ tax credits available, while the top 20 per cent (those with annual incomes above $US75,000) extracted 60 per cent of the benefit.
“The most extreme [example] is the program aimed at electric vehicles, where the top income quintile received about 90 per cent of all credits,” concluded Severin Borenstien and Lucas Davis, from the University of California, Berkeley.
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