Tag: big oil

Manufacturers Key Vote’ Letter Opposes Energy Tax Increase

The National Association of Manufacturers today sent a “Key Vote” letter to the U.S. Senate expressing opposition to S. 940, the tendentiously entitled Close Big Oil Tax Loopholes Act. A vote on cloture is expected at 6:15 p.m. this evening.

From the letter:

S. 940 would impose more than $20 B in discriminatory taxes on the oil and gas industry under the guise of “eliminating subsidies.” In particular, the bill would increase taxes on the income from U.S. oil and natural gas production, refining and processing and discourage new oil and gas investments in the United States by making domestic energy investments less competitive economically with foreign opportunities. The bill also would guarantee that income from certain overseas investments by U.S. energy companies would face double taxation, reducing the ability of U.S. energy companies to compete for global natural resources that are critical to U.S. energy security.

Manufacturers consume one-third of our nation’s energy and the NAM has long supported the development of new and affordable sources of energy. Increased taxes for energy companies will increase the costs of fuel to American manufacturers and other energy consumers. The debate over energy policy should not be about imposing new taxes or new costs on the U.S. energy industry. Rather, the debate should focus on enhancing America’s energy security through increased production of all types of energy, improved conservation and energy efficiency, more research on technology and alternative energy, increased access to domestic sources with continued environmental protections, and improved distribution.

NAM Key Votes are determined by an advisory committee of NAM member companies, both large and small. The votes are used to rate a member of Congress’ record on manufacturing-related issues.

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Tax Targets: Today, Oil Companies; Tomorrow, Another Industry

The Senate Finance Committee has a hearing scheduled for Thursday, “Oil and Gas Tax Incentives and Rising Energy Price,” to which executives of a select few oil companies have been invited.

“Frankly, we are an attractive target,” said Ken Cohen, ExxonMobil’s vice president of public and government affairs. “I think the term I used was ‘irresistible’ right now for politicians to whale away.”

Cohen and Jaime Spellings, ExxonMobil’s vice president and general tax counsel, spoke this morning on a conference call for bloggers organized by the American Petroleum Institute. Much of the discussion centered on the issues of profits and taxes Cohen detailed in a recent post at ExxonMobil’s Perspectives blog, “ExxonMobil’s U.S. taxes and U.S. earnings – Some relevant numbers for Washington.”

Oil companies are today’s target, but other industries and the public at large should be concerned, Cohen argued.

I just hope that we can have at some point … some rational discussion of what the country’s tax policy should be. And other large industries should also take note, or actually any industry. (continue reading…)

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