Obama Proposes Over $220 Billion in New Energy Taxes


Posted by Brian M Johnson on Tuesday, February 9th, 2010, 11:47 AM PERMALINK

[PDF PRESS RELEASE]

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
 

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