U.S. Sen. Tom Coburn, R-Okla., introduced a bipartisan bill Wednesday to eliminate billions of tax breaks for the productions of corn-based fuels, the Oklahoman reported Thursday
. Coburn, of Muskogee, called the 45 cents per gallon given to makers of ethanol a “bad economic policy, bad energy policy and bad environmental policy.”
“The $6 billion we waste every year on corporate welfare should instead stay in taxpayers' pockets where it can be used to spur innovation, stimulate growth and create jobs,” Coburn said.
A Government Accountability Office report released last week called the tax credits given to ethanol producers unnecessary. The credit is set to expire at the end of the year.
U.S. Sen. Ben Cardin, D-Md., co-authored the bill.
For years, other Republican lawmakers from Oklahoma have criticized the tax credit, saying it causes food shortages in parts of the world by diverting corn to fuel production.
© 2017 Newsmax. All rights reserved.