Energy Taxes

The Administration's fiscal 2010 budget proposal calls for at least $400 billion in new taxes and fees on the oil and natural gas industry, including a significant portion of the revenues that would be raised from a carbon cap-and-trade system. The tax portion of the budget proposal includes at least $80 billion in new taxes on the U.S. energy sector over the next decade. These new taxes and fees could mean less U.S. energy production, fewer American jobs and less revenue for federal, state and local governments at a time when we desperately need all three. These punitive measures could also threaten the retirements of tens of millions of Americans with mutual funds, pensions and retirement plans that invest heavily in U.S. energy companies. The bottom line is that imposing additional taxes on America's oil and natural gas companies will not lower energy costs nor help produce much needed supply. In fact, increased strain on U.S. energy companies will make it more difficult for the United States to compete for energy resources in the global market and threaten jobs here at home...Energy Tomorrow