Stealth Energy Tax Hike on Democrat Senate Agenda for Sept

[teapartysamurai]

In a little remarked upon move earlier this month, Sen. Max Baucus (D-Mont.) put forward a legislative proposal to raise taxes on energy companies by stripping them of the ability to claim a key tax deduction.

While the amendment is aimed at the biggest energy producers, opponents say that the amendment is still dangerous.
LSU business professor Joseph R. Mason, who has been studying the effects of the Obama administration’s moratorium on drilling on the Gulf Coast community, recently wrote in an op-ed in the Wall Street Journal that according to some research, “this repeal would cause the U.S. to increase its reliance on imported oil from politically unstable nations, cost the economy 637,000 jobs, and reduce household earnings by nearly $35 billion over the next decade.” Dr. Mason further noted that according to the Congressional Research Service, repeal would “adversely affect domestic production and increase imports.”

The Institute for Liberty, known to comment on misperceptions of energy industry profitability and subsidization similarly noted in earlier in July— when tax hikes including this one were first being mooted— that such changes would “increase taxes on energy companies and consumers.”
The Mulhauser-Shields Baucus Finance Committee memo does not address this point, focusing instead on the claimed benefit to small businesses of other provisions in the amendment.

However, opponents of the measure say they intend to raise the profile of the Baucus amendment, and all its content, ahead of any forthcoming vote.

“They can’t claim to be pro-job while being anti-business,” said one energy industry representative quoted above, “and November is just around the corner.”

Stealth Energy Tax Hike on Senate Agenda for September - Big Government

And as usual, the morons who don't understand how business works, will think this is great. They never get that corporations don't pay tax hikes--WE DO!!!!!!!! We pay these tax hikes, since the corps simply pass this added expense along IN PRICES!

What choice do they have? You can't expect a business to eat possibly millions without passing it along in prices!

Democrats rely on the ignorance and gullibility of their voters to never figure that out. They never figure it out on minimum wage votes, so why should they figure this one out!

 

[Mr. H.]

FYI:

The Proposed Modification of Internal Revenue Code Section 199
Will Not Increase Consumer Energy Prices

I can't tell when the above was drafted, but it's interesting read.