{"id":1066,"date":"2022-05-24T09:06:52","date_gmt":"2022-05-24T09:06:52","guid":{"rendered":"http:\/\/www.whatistandfor.co\/conservativecitizen\/?p=1066"},"modified":"2022-05-24T09:41:11","modified_gmt":"2022-05-24T09:41:11","slug":"democrats-war-on-energy-includes-145-billion-in-taxes-on-american-energy-companies-workers-and-consumers","status":"publish","type":"post","link":"http:\/\/whatistandfor.co\/conservativecitizen\/democrats-war-on-energy-includes-145-billion-in-taxes-on-american-energy-companies-workers-and-consumers\/","title":{"rendered":"Democrats\u2019 \u201cWar on Energy\u201d Includes $145 Billion in Taxes on American Energy Companies, Workers, and Consumers"},"content":{"rendered":"\n

President Biden and congressional Democrats have attacked traditional energy, proposing to raise taxes by $145 billion on Made-in-America oil and gas, pipeline and refining firms\u2014killing over 1 million jobs, raising fuel prices, and leaving America more dependent on foreign oil.<\/strong><\/p>\n\n\n\n

  1. Repealing the\u00a0deduction for ordinary drilling costs (IDCs)<\/em><\/strong>punishes companies for investing in new equipment and technology that makes U.S. energy more efficient and cleaner. This will eliminate 265,000 industry jobs and 2.5 times as many indirect jobs.<\/li>
  2. The\u00a0percentage depletion deduction<\/em><\/strong>\u00a0is the small business deduction for the smaller producers of oil and gas. Repealing it will cost 840,000 jobs over the decade and reduce royalty payments to millions of retirees who depend on Social Security.<\/li>
  3. Repealing the\u00a0marginal well credit\u00a0<\/em><\/strong>will also harm the smallest oil and gas producers and the communities where they operate\u2014<\/em>often in rural America.<\/li>
  4. Eliminating the\u00a0enhanced oil recovery credit\u00a0<\/em><\/strong>will curtail emissions-reducing activities like injecting CO2\u00a0<\/sub>into producing wells.<\/li>
  5. Repealing\u00a0expensing for tertiary injectants\u00a0<\/em><\/strong>would increase the cost of maintaining the output from older wells and reduce U.S. production.<\/li>
  6. Repealing\u00a0accelerated deduction of geological and geophysical costs\u00a0<\/em><\/strong>hurts companies who do advanced research to limit the environmental footprint of new projects.<\/li>
  7. Eliminating\u00a0publicly traded partnership treatment (MLPs)\u00a0<\/em><\/strong>will harm America\u2019s ability to finance energy pipelines that bring products to U.S. refiners and back to consumers.<\/li>
  8. Increasing\u00a0taxes on U.S.-based multinational oil and gas companies\u00a0<\/em><\/strong>will advantage foreign companies over U.S. companies, sending jobs overseas and reduceing our energy security.<\/li>
  9. Repealing the\u00a0passive loss exception<\/em><\/strong>, a provision that provides parity for working interest owners\u2019 investments in oil and gas production with the investments of corporate shareholders, will raise taxes on small and independent producers and senselessly push investors away from small businesses.<\/li>
  10. Hiking\u00a0corporate taxes<\/em><\/strong>\u00a0by one third and\u00a0eliminating the small business deduction<\/em><\/strong>\u00a0will hurt American energy companies and cost 1 million jobs in just the first two years.<\/li>
  11. In the \u201cinfrastructure\u201d bill, restoring the\u00a0superfund taxes\u00a0<\/em><\/strong>that expired over 25 years ago will hurt U.S. chemical producers most and increase prices on American consumers. This tax further disadvantages American manufacturers of products, from semiconductors and solar panels to soap and lightbulbs, to the benefit of importers where chemical inputs aren\u2019t subject to equivalent taxes.<\/li><\/ol>\n\n\n\n
    \"\"<\/figure>\n\n\n\n

    Link<\/a><\/p>\n\n\n\n

    printable PDF <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    President Biden and congressional Democrats have attacked traditional energy, proposing to raise taxes by $145Continue readingDemocrats\u2019 \u201cWar on Energy\u201d Includes $145 Billion in Taxes on American Energy Companies, Workers, and Consumers<\/span><\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":1084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts\/1066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/comments?post=1066"}],"version-history":[{"count":2,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts\/1066\/revisions"}],"predecessor-version":[{"id":1085,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/posts\/1066\/revisions\/1085"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/media\/1084"}],"wp:attachment":[{"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/media?parent=1066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/categories?post=1066"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/whatistandfor.co\/conservativecitizen\/wp-json\/wp\/v2\/tags?post=1066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}