Tillis, Colleagues Call Out Biden’s Tax Hike on American Energy Producers

Mar 27 2024

Tillis, Colleagues Call Out Biden's Tax Hike on American Energy Producers

WASHINGTON, D.C.- Senator Thom Tillis and his colleagues recently sent a letter to U.S. Treasury Secretary Janet Yellen expressing serious concern over the $110 billion in target tax increases on the production of oil, gas, and coal in the Biden Administration's General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals (Green Book).

"We write with grave concern regarding the administration's continued hostility towards American energy production. Working families and small businesses are facing immense challenges including high energy prices. At the same time, our allies and partners across the globe are asking for reliable American energy resources to escape their dependence on Russian energy and to deal with the energy crisis. Instead of increasing U.S. energy production, the administration is focused on increasing energy taxes," the senators wrote.

"The latest Green Book calls for $5 trillion in new tax increases, which will fall on a wide range of industries, as well as workers. These taxes will fall on workers and families in the form of lower wages and higher prices. The broad tax hikes alone will deliver a heavy blow to energy production while simultaneously suppressing growth in numerous sectors of the economy. But, the Administration has decided to go even further by specifically imposing additional burdens on energy producers by removing virtually every longstanding tax provision in the Internal Revenue Code designed to support traditional energy production," the senators continued.

"America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages. When facing a whole-of-government assault, American energy producers cannot continue to make long-term investments, which provide stability and energy security both at home and overseas. These crushing tax proposals, paired with the Administration's heavy-handed regulations and mandates, would threaten American families' access to affordable and reliable energy, while giving our adversaries the upper-hand in global energy markets," the senators concluded.

Read the full letter HERE.

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