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Obama Proposes Over $220 Billion in New Energy Taxes

From Brian M Johnson on Tuesday, February 9, 2010 11:47 AM
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The President’s FY 2011 budget contains hundreds of billions of dollars of new taxes on energy production and consumption. These taxes will result in higher prices at the pump, increased utility bills and less American energy jobs as companies flee the U.S. to avoid these industry crippling taxes.

The full energy tax booklet is available here.

Below is a breakdown of some of energy taxes Obama supports:

Energy Tax FY 2011
 FY 2011-2020 Industry Impact
Increase Amortization Period $44 million $1 billion $1 billion
Modify Cellulosic Biofuel Credit $7 billion $24 billion $24 billion
Deferred Interest Deduction $2 billion $26 billion $3 billion
Taxing of Foreign Earned Income $3 bilion $59 billion $8.5-12 billion
Repeal Percentage Depletion $579 million $11 billion $11 billion
Repeal Intangible Drilling Cost $1 billion $8 billion $8 billion
IRS Sec 199 Repeal $854 million $18 billion $18 billion
Repeal Tertiary Injectants $5 million $67 million $67 million
Superfund $1 billion $18 billion $17 billion
LIFO $3 billion $59 billion $23-26 billion
Passive Loss $20 million $180 million $180 million

That’s an energy tax increase of over $220,000,000,000 by 2020!

Rather than penalizing energy producers and forcing energy costs to skyrocket, Congress should adopt the Senate’s proposed “No Cost Stimulus Act,” an alternative to the “Jobs Bill” that creates jobs without spending one cent.  If passed, this bill would:

•    Create 1.2 million long-term jobs by opening offshore mineral lease areas
•    Provide more than $2.2 trillion in incremental tax receipts
•    Open ANWR areas to create 730,000 American-based jobs
•    Streamline the nuclear licensing process to add 610,000 jobs to the economy
•    Save 500,000 per year by preventing the EPA from regulating CO2
 

Permalink | Email | Print | Tags: TAXES, ENERGY, Federal

Comments

$220 billion?! My goodness, these people are unstoppable. I don't even want to know how much will be added to this ridiculous amount if cap-and-tax is implemented.
>> Terry, OH Tuesday, February 9, 2010 1:07 PM Report Comment

Terry - about $700 billion give or take.
>> Brian Johnson (ATR) Tuesday, February 9, 2010 1:21 PM Report Comment

Burdensome energy taxes are a terrible idea at any time - - the fact that they're being proposed during tough economic times makes it even more outrageous, especially when there are serious, effective alternatives like nuclear power and offshore drilling.
>> Mike, NJ Tuesday, February 9, 2010 2:04 PM Report Comment

is there some dumb stipulation in this? like THESE TAXES ON EVIL ENERGY ARE GOING TO SUBSIDIZE GOOD CLEAN ENERGY
>> Hank, TX Tuesday, February 9, 2010 4:28 PM Report Comment

No Taxation Without Public Consent.... join me, wont you?...... http://www.facebook.com/group.php?gid=289466674236&ref=ss
>> Charles Petzold Tuesday, February 9, 2010 10:38 PM Report Comment

Opening ANWR would bring $4-8 Billion in immediate lease sale royalties to the Federal Government according to OMB.....and....between $42-$289 Billion in Federal tax royalties (depending on the price of oil) according to Congressional Research Service using USGS and DoE figures (based on median 10.4bbls estimate). So thats collectively 10s of billions of dollars in tax bonus to the Feds without taxing one constituent. Have your cake and eat it too!
>> Caribousteaks Wednesday, February 17, 2010 8:52 AM Report Comment

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