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Taxpayer Group Cautions White House on Using G20 Summit as Excuse for Energy Tax Hikes
November 11, 2010
For Further Information, Contact: Pete Sepp, (703) 683-5700 or email@example.com
(Alexandria, VA) – In anticipation of the White House’s assent to a pledge at the G-20 Summit to cut domestic fossil fuel subsidies, the 362,000-member National Taxpayers Union (NTU) cautioned the U.S. government against using this forum as leverage to distort domestic energy markets. NTU Executive Vice President Pete Sepp offered the following statement:
it is clear most countries subsidize their energy sectors, many Americans would
be surprised to learn that foreign nations often subsidize so-called fossil
fuel development very aggressively. In contrast to other nations, evidence in
IEA’s newly released 2010 World Energy Outlook and from other sources such as
the Joint Committee on Taxation shows U.S. energy policy tilts toward bestowing
favors on alternative sources while penalizing oil and natural gas.
Without other major reforms to the corporate tax system, efforts to repeal Section 199 or take away the dual capacity protections from our domestic oil and gas companies will only make us less competitive abroad. Nearly every proposal to do so in this Congress has been little more than a politically convenient revenue-raising ploy that will hurt one of the few industries that has kept creating jobs and investment opportunities in our sluggish economy.”
The initial reference to the Administration’s position at the G20 meeting came from a White House press briefing on November 1st; however, President Obama has repeatedly called for repeal of Section 199 and dual capacity for the oil, gas and coal industries to "pay for" other legislative initiatives.
NTU believes that the ideal energy policy, for both the U.S. and other countries, is one that allows consumers working through the free market to decide which sources are viable. Policymakers should neither favor nor punish particular industries or companies.
NTU is a nonpartisan, nonprofit citizen group founded in 1969 to work for lower taxes, smaller government, and economic freedom at all levels. Note: Further information on NTU’s energy and tax policy work is available at www.ntu.org.