Budget Watch: Higher Taxes, Higher Energy Prices, Fewer Jobs
$39.5 Billion in Tax & Fee Increases on American Energy
WASHINGTON, D.C., February 1, 2010 | Jill Strait (202-225-2761)
Although the President regularly talks about the need for comprehensive energy production, his FY 2011 budget includes nearly $40 billion in direct tax and fee increases on the American oil, natural gas and coal industries. This is in addition to the cap-and-trade National Energy Tax, which would raise $870 billion in revenue based on the CBO estimates of the House-passed version.
Despite what the President may say, these taxes and fees are yet another example of the Administration taking action to block American energy production, increase energy prices and destroy American jobs.
Specific tax and fee proposals include in the President’s budget:
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