“America’s working families and small businesses are facing immense challenges including high energy prices,” senators wrote.
Two dozen Republican U.S. senators are pushing back against the Biden administration’s plan to increase taxes on the U.S. oil, natural gas and coal industries to the tune of over $110 billion.
U.S. Sen. John Barrasso, R-Wyo., led a coalition of 24 senators expressing “grave concern regarding the administration’s continued hostility towards American energy production.” In a letter to U.S. Treasury Secretary Janet Yellen, they wrote, “America’s working families and small businesses are facing immense challenges including high energy prices. At the same time, our allies and partners across the globe are asking for reliable American energy resources to escape their dependence on Russian energy and to deal with the energy crisis.”
“Instead of increasing US energy production, the administration is focused on increasing energy taxes,” they argued, “by once again doub[ling] down on weaponizing the tax code against US energy producers.”
The Treasury Department released “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals (Green Book),” which explains $5 trillion in new tax increases outlined in the president’s budget.
In the department’s “Modify Energy Taxes” section, it states it’s eliminating “fossil fuel tax preferences,” eliminating drawbacks on petroleum taxes that finance the oil spill liability trust fund and Superfund, and imposes a digital asset mining energy excise tax.