GOP leaders unleash on Janet Yellen over $110B energy tax hike

[mystery-ak]

GOP leaders unleash on Janet Yellen over $110B energy tax hike
24 Republicans accused the Treasury secretary of 'weaponizing' the tax code
By Thomas Catenacci Fox News
Published March 21, 2024 11:14am EDT

FIRST ON FOX: A group of 24 Senate Republicans are calling out the Biden administration for "weaponizing" the tax code to stifle domestic energy production in the president's proposed 2025 budget.

In a letter Thursday to Treasury Secretary Janet Yellen, the GOP lawmakers — led by Sen. John Barrasso, R-Wyo. — highlighted the more than $110 billion in tax hikes targeting domestic production of oil, gas and coal proposed in the budget. They said such an action would only lead to higher prices for Americans and allies worldwide.

"The administration has once again doubled down on weaponizing the tax code against U.S. energy producers," Barrasso and the other senators wrote. "It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security."

"Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people," they continued. "America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages."

Earlier this month, Biden released his fiscal year 2025 budget, a behemoth $7.3 trillion government spending package that Republicans quickly condemned and characterized as a non-starter. As part of the proposal, the Treasury Department released a green book detailing the mechanisms for raising government revenue, a report which listed tax hikes on energy production.

The Republicans noted that in the green book, the Treasury Department explained that it would strip tax incentives worth $110 billion from the energy industry because "oil, gas, and coal tax preferences distort markets by encouraging more investment in the fossil fuel sector than would occur under a neutral system."

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https://www.foxnews.com/politics/gop-leaders-unleash-janet-yellen-over-110-billion-energy-tax-hike

[christian]

Absolutely, AmericANS HAVE NO RIGHTS TO ITS OWN RESOURCES, American resources bad, evil.  Let the Communists and muslims have all the prosperity of them.  Fully approved by America haters and endless damn fools.
 

[Smokin Joe]

Higher prices for energy mean higher prices for EVERYTHING!

You want to know what is at the core of Bidenflation, just look no farther than the nearest fuel island.

He did that!

[christian]

gas went up about 50 cents a gallon here.  all hail demented god joe biden, useful fools can begin pizzing and moaning !  They have their own 'special' type of dementia.

[DefiantMassRINO]

This is the time of year when refiners and distributors let the supply of regional Winter gasoline blends run down as they ramp up producing regional Summer gasoline blends.

It's the bi-annual switchover between Summer and Winter regional gas blends that causes gasoline prices to spike twice a year.  There should be a single year-round national gasoline blend to eliminate the inefficiency and costs of having regional seasonal gasoline blends.

[Free Vulcan]

And prices will spike till it makes it financially worthy of investing and drilling again - except you will be paying more for it.

[christian]

Odd, an exceedingly mild winter and Joe shutdown the pipe line, and higher prices with no one to blame.  God Joe, no blame dementia means no accountabilities. What a god for morons!