Obama Proposes $10,000 Tax Increase on Every American Family in First 100 Days
Energy Provisions Alone Amount to $10,000 tax increase per family per year
Americans for Tax Reform (ATR) notes that within the first 100 days, Obama’s protectionist energy policies and anti-competitive tax programs will increase every American’s taxes.
Below are some examples of the type of “change” President Obama wants to bring to this nation’s energy policies:
Cap and trade will result in a tax increase of $646 billion dollars over 10 years.
Once phased in, this will be a $100 billion per year tax on American businesses.
Obama wants to tax 25 percent of total U.S. production of oil and 15 percent of total U.S. production of natural gas.
Taxing Gulf energy will increase the tax on energy production by $5.3 billion
The passive loss exception repeal costs businesses $49 billion – once phased in will increase taxes annually by $6 billion.
By adding together the tax increase costs of Obama’s energy policies, the average American family would pay, directly or indirectly, approximately $10,000 per year in new energy taxes.
If Obama would proceed with the offshore energy production plan, rather than repealing the ultra-deepwater oil and gas research and development projects and cutting tax incentives, the following positive things would happen:
Access to resources will create $8 trillion in additional economic output
$2.2 trillion in total tax receipts
1.2 million NEW well-paying jobs EVERY SINGLE YEAR
And $70 billion in additional wages driven into the economy each year
For more information, contact tax policy director Ryan Ellis at [email protected] or federal affairs manager Brian Johnson at [email protected]