Nation’s Largest Taxpayer Group Thanks Senator Begich for Standing Up to New Energy Taxes(Alexandria, VA) - The National Taxpayers Union (NTU) today offered praise for U.S. Senator Mark Begich's recent vote against a potentially devastating tax increase on American energy producers and consumers. Begich helped defeat an amendment to the Small Business Jobs and Credit Act that would have raised taxes on domestic energy, thereby saving Alaska's and the nation's residents alike from a painful blow to our economy.
Senator Begich opposed a devastating proposal that would have repealed a critical job-creating tax rule - a credit currently available to all companies participating in U.S. manufacturing - solely for our domestic oil and gas sector. Had it passed, the amendment could have meant a $341 billion loss of GDP through 2020 and a 154,000 loss of jobs in 2011 alone. Such a move would have added to the cost of the energy necessary to heat homes, fuel cars, and keep America's economy running.
According to NTU, raising taxes on productive American businesses and their customers is never a good idea, but imposing punitive taxes on sectors of our economy that can lead the country into a more robust recovery is especially unwise. With Alaska's unemployment holding at 7.7% in August 2010, Senator Begich's vote is a recognition that now is the worst possible time to penalize the very firms that provide the jobs and resources to rebuild America's economic strength.
A vote to stop this amendment was a vote to protect taxpayers and consumers. NTU appreciates the commitment from all of those in the Senate who kept this tax hike from endangering America's economic and energy future.
The 362,000-member NTU is a nonpartisan, nonprofit citizen group founded in 1969 to work for lower taxes, smaller government, and economic freedom at all levels. Note: For more NTU analyses and commentaries on energy policy, visit www.ntu.org.
Posted: October 12, 2010
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