Risch, Crapo, Barrasso Call Out Biden’s Outrageous Tax Hike on American Energy Producers

WASHINGTON - U.S. Senators Jim Risch (R-Idaho), Mike Crapo (R-Idaho), John Barrasso (R-Wyo.) and several Republican colleagues wrote U.S. Treasury Secretary Janet Yellen expressing 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). The administration's proposed $5 trillion in new tax increases will result in lower wages and higher prices for American workers.

In the letter, the senators highlight how the Biden administration is weaponizing the tax code to stifle U.S. energy production. As a result, American families and small businesses are faced with higher energy prices and our allies around the world will be forced to turn to our adversaries for their energy needs.

The senators also call on the administration to unleash our abundant American energy resources and stop attacking our energy producers who are ready to provide reliable and affordable energy for the American people.

"We write with grave concern regarding the administration's continued hostility towards American energy production. The administration has once again doubled down on weaponizing the tax code against U.S. energy producers,"wrotethe Senators. "It is alarming that the administration believes utilizing our nation's abundant natural resources will be detrimental to long-term energy security. Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people. 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."

Co-signers of this letter include U.S. Senators John Thune (R-S.D.), John Cornyn (R-Texas), James Lankford (R-Okla.), Thom Tillis (R-N.C.), Steve Daines (R-Mont.), Shelley Moore Capito (R-W.Va.), Marsha Blackburn (R-Tenn.), Kevin Cramer (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ted Budd (R-N.C.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Katie Britt (R-Ala.), Lisa Murkowski (R-Alaska), Bill Cassidy (R-La.), Dan Sullivan (R-Alaska), Mike Braun (R-Ind.), Tim Scott (R-S.C.), Cynthia Lummis (R-Wyo.), John Kennedy (R-La.), and John Hoeven (R-N.D.).

Full text of the letter can be found here.

Permalink: https://www.risch.senate.gov/public/index.cfm/2024/3/risch-crapo-barrasso-call-out-biden-s-outrageous-tax-hike-on-american-energy-producers