Biden Admin Seeks to Raise Taxes on Energy Industry

The Biden Administration is now seeking to raise more money (35 billion dollars to be exact) to fund its progressive agenda by eliminating tax breaks for oil and gas companies. This move, which is effectively a tax raise, comes at a time of surging energy and gas prices and is likely to further drive up prices.

As the Hill reports:

President Biden’s budget proposal released Friday takes aim at specific tax provisions that benefit the fossil fuel industry and projects that eliminating these measures will generate $35 billion over the course of a decade.

The new $6 trillion budget proposal is a more detailed proposal than the “skinny” version released last month, which had called for spending an additional $14 billion on tackling climate change and proposed funding increases for the Energy Department, Interior Department and Environmental Protection Agency.

…

Industry criticized the parts of the budget that would eliminate these benefits, arguing that it would push production overseas.

“Increased taxes on American energy will only undermine economic recovery and job creation, push natural gas and oil investments overseas and lead to less government revenue, not more,” American Petroleum Institute President and CEO Mike Sommers said in a statement to The Hill.

Are you concerned that Biden’s radical policies will lead to more pain at the pump and job losses? Let us know what you think in the comments below.

Matthew Williams