I am apprehensive regarding new tax proposals put forth by the White House. They are considering the elimination of certain tax laws that would effectively “double tax” energy producers. This is concerning because of the impact taxes on oil and gas would have on job stability and energy costs.
The oil and gas industry provides around 9.2 million jobs. That number represents
9 percent of all new jobs created in 2011. Obviously, the oil and gas industry is a significant contributor to our economy, and they are offering more than many other industries.
If energy companies are required to pay more in taxes, that will translate into higher energy costs for consumers and businesses.
Targeting one industry, especially one so beneficial to our nation, will not accomplish tax fairness and will only leave us worse off. I urge Sen. Chuck Grassley to vote against any legislation that would raise taxes on these companies.