Obama’s Budget Request Hurts Middle Class - NOIA President

 

“The President has doubled-down on his perpetual proposals to impose billions in new taxes on American energy, which is in direct conflict with his ‘all-of-the-above’ energy rhetoric.  The proposed budget simply doesn’t match energy reality and will burden the very Middle Class it is touted to bolster,” Luthi said.

 

“Yet again, the President’s budget picks energy winners and losers by imposing over $4 billion in new taxes on domestically produced oil and natural gas. Instead, the President should put forward proposals that support a true “all-of-the-above” energy strategy that harnesses the potential of all sources of energy.  If implemented, the President’s proposals will curtail our nation’s ability to continue as a world leader in energy production, resulting in the loss of jobs and energy security, and the return to greater reliance on foreign imports. 

 

“In his recent State of the Union address, the President focused on policies and reforms to bolster middle class Americans, but his budget proposal seeks to punish the very job-creators that are a major economic driver for America. Energy forecasts predict that traditional fuels will be a major part of the energy portfolio for the next two generations.  Policies that support increased oil and gas exploration and production will generate far more revenue to the treasury for taxpayers than punitive taxes on American energy.  A recent study shows that by opening the Atlantic, Pacific and Eastern Gulf of Mexico offshore areas, America could, by 2035, create more than 838,000 jobs annually and generate more than $200 billion in new revenue for the government. The President should embrace policies that would bring to fruition these immense benefits, instead of reverting back to failed proposals of the past that would only stand in the way of American economic growth and energy security.”