The article counts tax exemptions as &quot;subsidies.&quot; The comment I&#x27;m replying to calls this &quot;disturbing.&quot; Therefore I&#x27;m asking what the difference actually is between a tax exemption and a more overt subsidy.<p>For an example, let&#x27;s say you&#x27;d normally pay $1 million in taxes. I could subsidize you by paying you $500,000. Or I could give you a tax exemption worth $500,000. The net result on your finances is the same. So I&#x27;m wondering what mhb sees as being the difference between the two, such that it&#x27;s &quot;disturbing&quot; to mix them up.