Taxes that finance subsides discourage work, risk\u002Dtaking and investment. Read more.
. Thousands of qualified workers are not milling around looking for jobs. VW will hire skilled workers from other sectors. As these other sectors face higher wage costs, they will cut back production and pay fewer taxes. In the end, the subsidyFans of the “Just Transition” might argue that the skilled workers VW will need will come from declining oil and gas sector.
That is not all. Subsidies cost money. The taxes that finance them discourage work, risk-taking and investment. The irony is that the U.S., Europe and Canada are engaging in a subsidy war even as they raise corporate taxes as part of an OECD-negotiated agreement to curb corporate tax competition. On a net basis, clean energy investments will grow while the rest of the corporate sector contracts, unable to bear higher taxes and energy prices.
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