Americans for Tax Reform (ATR) just sent a letter to Senators urging them to oppose the Close Big Oil Tax Loopholes Act of 2011, which is a violation of the Taxpayer Protection Pledge. The legislation incorrectly tacitly classifies tax credits and deductions as federal subsidies and calls for their repeal—meaning, tax increases. Raising the cost of producing crude oil will only raise the cost of gasoline for consumers. With regards to the legislation's focus on raising taxes rather than cutting spending, Mr. Norquist wrote:
"As many Americans now understand, this country doesn’t have a revenue problem, we have a spending problem. Democrats are defaming oil and natural gas companies—with stunts like last week’s Senate Finance hearing—because they see these successful businesses as a way to fund a bloated federal government. President Obama’s Party has demonstrated no interest in seriously reducing spending."
Click on the document above for a copy of the letter.