BUDGET WATCH: $45 Billion Tax Increase On American Energy Production Will Hit Families, Small Businesses and Rural Communities Hardest
WASHINGTON, D.C., February 13, 2012 | Jill Strait, Spencer Pederson or Crystal Feldman (202-225-2761)
Since his State of the Union Address, President Obama has repeatedly talked about expanding “all-of-the-above” energy production. However, a closer look at his Fiscal Year 2013 budget proposal reveals more of the same job-destroying tax increases on American energy that will stifle production and cost jobs. The President simply doesn’t understand that raising taxes on energy production will ultimately end up costing American families and small businesses thousands of dollars at a time when they can least afford cost of living increases.
For example, every penny the price of gasoline increases, it costs consumers an accumulated $4 million per day. As gasoline prices continue to rise, the last thing consumers need is more expensive energy due to President Obama’s billions of dollars in tax increases.
Specific energy tax and fee proposals in the President’s budget:
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