WASHINGTON, D.C. - U.S. Senator Thom Tillis (R-NC) and 21 of his colleagues recently sent a letter to Treasury Secretary Janet Yellen condemning the Biden Administration’s latest attempt to weaponize the tax code against U.S. energy producers.
The letter is in response to President Biden’s budget request for Fiscal Year 2024. Specifically, the letter focuses on the $100 billion in targeted tax increases on energy, including the production of oil, gas, and coal. The senators highlight how these taxes will crush jobs, raise energy prices for American families and give our adversaries, including Russia, the upper hand in the global energy markets.
“Unbelievably, the administration would willingly suppress domestic energy production knowing it means fewer jobs and higher prices for the American people. 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 the global energy markets,” the senators wrote. “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.”
The full text of the letter can be found here.