The difference between your two scenarios is that in one scenario I have $X more than in the other scenario.<p>In my two scenarios, the money you have at the end is the same for both.<p>As for &quot;If you want to argue,&quot; I&#x27;m not arguing <i>anything</i>. I&#x27;m asking what the difference is between a direct subsidy and a tax exemption, as the comment I replied to is complaining about the author conflating the two.