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FIRST ON FOX: A group of 24 Senate Republicans are calling out the Biden administration for “weaponizing” the tax code to stifle domestic energy production in the president’s proposed 2025 budget.
In a letter Thursday to Treasury Secretary Janet Yellen, the GOP lawmakers — led by Sen. John Barrasso, R-Wyo. — highlighted the more than $110 billion in tax hikes targeting domestic production of oil, gas and coal proposed in the budget. They said such an action would only lead to higher prices for Americans and allies worldwide.
“The administration has once again doubled down on weaponizing the tax code against U.S. energy producers,” Barrasso and the other senators wrote. “It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security.”
“We write with grave concern regarding the administration’s continued hostility towards American energy production. The administration has once again doubled down on weaponizing the tax code against U.S. energy producers,” the senators wrote in the letter dated Thursday, March 21.
Below are more excerpts from the letter:
“It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security. Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people. America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages.”
“The latest Green Book calls for $5 trillion in new tax increases, which will fall on a wide range of industries, as well as workers. These taxes will fall on workers and families in the form of lower wages and higher prices. The broad tax hikes alone will deliver a heavy blow to energy production while simultaneously suppressing growth in numerous sectors of the economy.”
“But, the administration has decided to go even further by specifically imposing additional burdens on energy producers by removing virtually every longstanding tax provision in the Internal Revenue Code designed to support traditional energy production. Specifically, the Green Book calls for more than $110 billion in targeted tax increases on oil, gas, and coal production.”
Co-signers of the letter include U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Committee on Finance, and U.S. Senators John Thune (R-S.D.), John Cornyn (R-Texas), James Lankford (R-Okla.), Thom Tillis (R-N.C.), Steve Daines (R-Mont.), Shelley Moore Capito (R-W.Va.), Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), Kevin Cramer (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ted Budd (R-N.C.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Katie Britt (R-Ala.), Lisa Murkowski (R-Alaska), Bill Cassidy (R-La.), Dan Sullivan (R-Alaska), Mike Braun (R-Ind.), Tim Scott (R-S.C.), Cynthia Lummis (R-Wyo.), John Kennedy (R-La.), and John Hoeven (R-N.D.).
CLICK HERE to view the full letter.
.@POTUS is targeting American energy producers with a proposed $110 billion in tax hikes.
Our letter to @SecYellen calls out the Biden administration for sacrificing one of our biggest economic and geopolitical advantages and punishing our own energy producers.https://t.co/GxjO7yx5aY
— Sen. John Barrasso (@SenJohnBarrasso) March 21, 2024
GOP leaders unleash on Janet Yellen over $110B energy tax hike https://t.co/GlF0FgWMT5
— Fox News Politics (@foxnewspolitics) March 21, 2024
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