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