(Alexandria, VA) – The 362,000-member National Taxpayers Union (NTU) today announced an advertising campaign focused on highlighting the negative impact of discriminatory energy tax measures on the economy, the long-term budget picture, and systemic tax reform. The ads are expected to run through print, radio, and online channels for two weeks inside the Beltway.
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“There are plenty of bad ideas floating the nation’s capital, and punitive tax increases on politically convenient targets like the energy industry are among them,” said NTU Executive Vice President Pete Sepp. “Elected officials have important opportunities this year to rein in wasteful federal programs, put entitlements on a more sustainable path, and overhaul our convoluted Tax Code, but policymakers have to break from the past and put the right foot forward. Pursuing stale old plans for discriminatory tax hikes on oil and gas would be a big step backward for many kinds of fiscal reforms, which is why NTU is speaking out so early and emphatically. This campaign and future NTU campaigns on various issues will be aimed at keeping Washington focused on positive solutions to restore stability to the nation’s finances without harming our fragile economic recovery.”
The advertisements point out that many of the supposed “tax breaks for Big Oil” actually are utilized by many types of businesses (such as the Section 199 job-creation deduction). The ads also note the industry’s comparatively high tax rate as well as its overall contribution of revenue and input to the American economy. The NTU campaign to “Stop the Tax Attack” seeks to demonstrate how singling out the oil and gas sector to lose commonly available tax provisions would ultimately cost jobs and harm American competitiveness – all while failing to address the fundamental drivers of our nation’s deficit woes.
NTU contends that deductions and credits such as these should instead be reevaluated in the context of comprehensive tax reform that simplifies the base and lowers rates for all businesses. Policymakers should neither favor nor punish particular industries or companies.