Victory! Late last night the Senate held a vote on legislation that would have implemented President Obama’s desired tax increase on America’s energy companies. Thanks to the efforts of many, including concerned taxpayers and NTU members, the vote did not succeed - by a margin of 52-48 the U.S. Senate put an end to the proposed tax hikes.
NTU Executive Vice President Pete Sepp, and Vice President of Government Affairs Andrew Moylan, took to the media to counter pro-tax misinformation that claimed the debate was about ‘oil subsidies’. Even Media Matters came to the aid of the President, attacking NTU’s efforts, but were swiftly countered.
An apparent response to rapidly rising gas prices, the tax package would clearly have done nothing to alleviate that situation, likely making things worse.
The only real solution to the issue of rising gas prices, increased supply, suffered a setback as well. A Republican plan to reduce bureaucratic hurdles for new drilling permits was defeated in the Senate.
While economically damaging tax hikes were avoided, an all-of-the-above energy policy, and corporate tax reform, that would truly solve America’s government imposed energy crisis are a ways from reality.