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Obama Targets Oil and Natural Gas Industry

by jordan forbes / /

Here we go again:

I’m asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don’t know if you’ve noticed, but they’re doing just fine on their own.

We know what this means: higher taxes! Many of you probably remember our ad campaign that we launched last year to fight the very taxes President Obama just promised.

In a blog post last September, NTU Executive Vice President explains what is at stake if proposed energy taxes are implemented into law:

"Congress is considering an extremely destructive 'double tax, through repealing a widely available credit that offsets taxes paid to other countries. However, this new “double tax” would apply only to energy providers here in the U.S. – meaning state-owned companies in countries like Venezuela and China will effectively receive a competitive edge over American firms. Ironically, even BP – the target of Congress’s ire over the Gulf spill – will gain a tax advantage. Also under consideration in the U.S. Senate is a repeal of Section 199 of the U.S. tax code, a manufacturers’ deduction, for only the oil and gas industry. The deduction allows companies to reinvest revenue into creating jobs and domestic economic growth."

And here are two of the letters we distributed in strong opposition to the tax hikes:

http://www.ntu.org/news-and-issues/health-care/job-killing-energy-tax.html

http://www.ntu.org/news-and-issues/health-care/full-repeal-1099.html

Clearly this issue isn't going away.