Today the Senate rejected S. 2204, a bill to raise taxes on energy companies by more than $35 billion. The NAM has weighed in strongly against the legislation and it was voted down by a vote of 51-47. Manufacturers know that these tax hikes would deal a devastating blow to energy companies in the U.S. pursuing resources critical to our nation’s energy security as well as saddle everyone with higher costs.
This proposal – and others like it – will only distance the U.S. from our goal of energy policy that will increase supply and lower costs and should be voted down. It’s another strike against manufacturers, consumers of one-third of our nation’s energy, who already face a 20 percent cost disadvantage with their foreign competitors. If we seek to truly achieve energy independence, lower costs and improved competitiveness around the globe we must avoid a policy of picking winners and losers through punitive taxes.
Dispite the bill’s defeat today, there are still a number of people, including President Obama, that still wish to hang an albatross around the necks of energy companies in the U.S. with new taxes. The NAM is committed to fighting this unfair effort and manufacturers will continue to support and work towards an “all of the above” energy policy that will deliver for consumers and our economy.