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FreedomWorks Opposes Proposed 18 Billion USD Spike In Energy Taxes
Washington DC (SPX) Feb 14, 2008 At a time when Americans are worried about a softening economy and rising energy prices, Congressional Democrats are preparing to launch HR 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, a bill that would saddle energy producing industries with $18 billion in new taxes. Raising the cost of energy production will result in higher home energy bills and sticker shock at the pump. The passage of HR 5351 will have the immediate effect of discouraging domestic energy exploration and production. Not producing energy at home will force America to meet our energy needs abroad, making us more dependent on foreign sources of energy. American industry will also be dealt a severe blow with HR 5351 as producers will see a spike in energy costs, making American industry less competitive in the global marketplace. While supporters of HR 5351 dream about possibly creating millions of 'green jobs,' the harsh truth is that higher energy costs result in job losses and make it more difficult for families to make their budget. In December FreedomWorks helped defeat a similar $13 billion energy tax hike package. HR 5351 is a repacked version of the same anti-energy legislation bill, but with an added $5 billion in new taxes. FreedomWorks President Matt Kibbe commented: "Basing America's energy future on feel-good sound bites may make good political sense in an election year, but it does not make good energy policy. The reality is that we need dependable, cost effective sources of energy. Pie in the sky goals can not power a car." FreedomWorks Chairman and former House Majority Leader Dick Armey added: "HR 5351 is based on the failed belief that government can create jobs. The reality is that government taxes and regulation are much better at destroying jobs than creating them. HR 5351 will no doubt create energy production jobs overseas, but will destroy them at home. In a time when we want to encourage our economy, it makes no sense to raise energy prices, squeeze family budgets, and stifle our industry's ability to compete globally." Related Links
Over 350 Renewable Energy Leaders Call On Congress To Pass ITC/PTC Extensions
Washington DC (SPX) Feb 14, 2008More than 350 leaders in the renewable energy industry ranging from small business owners, venture capitalists, investors, associations and academics have called on Congress for the passage of the Investment Tax Credit (ITC) and the Production Tax Credit (PTC) extensions prior to March 1, 2008. |
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