The windfall profits tax would cost oil companies $15 billion a year based upon their 2007 profit levels.

A cap and trade system is an excise tax on emissions.  Like other excise taxes, cap and trade will pass on the negative effects to consumers through higher energy prices.

Section 199 provides a production tax deduction to all domestic manufacturers.  The Energy Independence and Security Act of 2007 called to repeal this deduction for domestic oil companies, increasing their taxes by $13.5 billion over ten years.

Currently, businesses can defer taxes on overseas earnings until they are repatriated back to the United States at the corporate income tax rate of 35%.  Repealing this ability to defer earnings will increase taxes on the overseas operations of every U.S. energy company.  Consumers will feel the tax increase through higher energy prices.  Click here for more information on the effect of taxes on foreign subsidiaries.

No nuclear power plant has been built in the U.S. in more than 30 years. The U.S. gets 20% of our electricity from 104 working commercial reactors, many nearing the end of their operating license time-period.