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.