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Reforming energy tax policy / Ted Gayer, Brookings, 11/02/2012http://www.brookings.edu/speeches/2012/0211_energy_tax_gayer.aspxI'm going to start with a critique of existing energy tax policy and then move on to examine how we might re-think energy tax policy within the context of broader tax reform. Our federal tax code contains a few energy taxes, such as the tax on motor fuels, which is currently 18.4 cents per gallon of gasoline and 24.4 cents per gallon of diesel. But our tax code contains many more energy tax expenditures, which are subsidies granted to items by excluding them from the tax base, such as allowing intangible drilling costs to be fully deductible in the first year rather than depreciated over time...