Obama Proposes Nearly $90 Billion in Tax Hikes on Energy Producers

ATR:
Obama Energy Tax Proposals

The President’s FY 2013 budget contains billions in tax increase on energy production and consumption. These taxes will result in higher prices at the pump, increased utility bills, and fewer American jobs as companies flee the U.S. and companies cannot recover their investments. Below is a breakdown of energy taxes Obama put forth in his 2013-2022 budget: CHART HERE

ATR Recommendations

Congress should reject these new tax increases and move to rapidly increase access to domestic energy resources in the Eastern Gulf of Mexico, part of the Rocky Mountains, the Atlantic and Pacific Outer Continental Shelves, and ANWR. Increased access would:

Create 1 million direct and indirect jobs by 2018 and over 1.4 million by 2030

Bring an additional 1.27 million barrels of oil equivalents per day online by 2015 and 10.4 million barrels per day by 2030

Raise over $800 billion in cumulative government revenue by 2030