Americans for Tax Reform Laments Recent Energy Legislation
H.R. 5351 Nothing but a Burden on the Consumer
Washington, DC- Americans for Tax Reform (ATR) President Grover Norquist condemned the recent piece of energy legislation to come out of Congress.
Make no mistake,” says Norquist, “H.R. 5351 will raise taxes, reduce energy supplies and make prices of fuel sky-rocket under this egregious legislation. Energy legislation that attempts to define and control the market opens the Pandora’s Box of liberal command-and-control policies.”
H.R. 5351, the “Renewable Energy and Energy Conservation Tax Act of 2008,” raised taxes on domestic energy companies by repealing billions of dollars in incentives for domestic oil and gas exploration and infrastructure development. Almost all large oil and gas companies are publicly-traded entities, whose shares are owned by millions of investors through their 401(k) plans, retirement plans and pension funds. Taxing away the earnings of those companies negatively impacts the ability of Americans to achieve a more financially secure future.
“As the economy shows some signs of entering a recession, this is the wrong time to talk about raising taxes, especially on domestic energy production,” continued Norquist, “Congress should be considering proposals that increase our nation’s energy security and lower Americans’ overall tax burden, not discouraging investment, hindering domestic production and killing jobs.”