Over the weekend, Sen. Ted Cruz (R-TX) and Sen. John Barrasso (R-WY) led a group of Republicans in sending a letter to Treasury Secretary Janet Yellen condemning the efforts by the Biden administration to penalize American energy production using taxes as energy prices remain at high levels.
“We write with grave concern regarding the administration’s continued hostility towards American energy production,” the senators wrote. “Currently, 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 administration has once again doubled down on weaponizing the tax code against U.S. energy producers.”
“The Department of Treasury’s General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals (Green Book) is filled with crippling tax hikes on the production of oil, gas, and coal,” the senators continued. “The latest Green Book calls for $4.7 trillion in new tax increases, which will fall on a wide range of industries, as well as workers. These tax hikes alone will deliver a heavy blow to energy production while simultaneously suppressing growth in numerous sectors of the economy. The administration decided to go even further in imposing additional burdens on energy producers by deleting virtually every longstanding tax provision in the Internal Revenue Code designed to support traditional energy production. Specifically, the Green Book calls for more than $100 billion in targeted tax increases on fossil fuels.”
“Unbelievably, the administration would willingly suppress domestic energy production knowing it means fewer jobs and higher prices for the American people,” the senators added. “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. 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.”
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