Thursday, March 29, 2012

Obama, Menendez Push Economically Painful Anti-Energy Bill

There is no such thing as a corporate tax and Obama's $4 billion tax on big oil is nothing but a consumer tax that will raise the price of gas and energy and really hurt the poor and middle class.
At the beckoning of President Obama, Sen. Robert Menendez once again introduced a bill in the Congress to increase taxes on oil and natural gas companies by about $4 billion annually. My colleague at National Taxpayer Union warned just Monday that, if passed, this measure would not reduce fuel prices, and in fact could add to the burden faced at the pump. Still, supporters hope this maneuver will be seen as a way to make these companies feel some kind of pain in return. But here’s a problem with those who would fashion themselves as modern day equivalents of Babylonian King Hammurabi and his ancient code of justice. The ones who will be injured most are the consumers and the workers involved in delivering the energy they want.
Read the rest here
US News and World Report