WASHINGTON, May 4, 2011 /PRNewswire-USNewswire/ -- The National Taxpayers Union (NTU) has launched a $1.25 million television, radio, and online advertising campaign to oppose new energy taxes currently under consideration in Washington.
"Artificially inflating prices of the energy our economy needs for a strong recovery is unproductive, unworkable, and unfair to American families and businesses," NTU Executive Vice President Pete Sepp said. "Tax hikes should be off the table – instead, the President and Congress should be looking for ways to bring gasoline prices down."
Currently, the President and some Members of Congress are calling for an end to the dual capacity credit, which allows American energy companies to deduct a portion of foreign taxes they pay from their U.S. tax bills, and to the firms' ability to take a domestic manufacturing deduction allowed under Section 199 of the Tax Code. Both of these provisions are available to nearly all American businesses. However, President Obama and Congress are only seeking to repeal them for energy companies.
"America's corporate tax system, with its high rates and horrendous complexity, needs an overhaul that treats everyone fairly, not more tinkering that punishes a few politically-convenient targets," Sepp said. "Until our leaders tackle honest tax reform, dual capacity and Section 199 allow our U.S. companies to be more competitive in the global energy market – by eliminating them we would certainly lose American jobs and the price of energy for American consumers would go up."
To view the advertisement, click here or read the text below.
"National Taxpayers Union Fights New Energy Taxes"
NARRATOR: This was President Obama encouraging Brazil to drill for oil:
PRESIDENT OBAMA: "Brazil wants to be a major supplier of new, stable sources of energy… the United States wants to be a major customer."
NARRATOR: But what about here at home? You're paying more at the pump, but Obama and his allies in Congress support new energy taxes that would drive up prices even more. And the administration has banned production on most American oil and gas, costing the U.S. billions, and making us more dependent on foreign oil. Tell President Obama, "No new energy taxes."
Paid for by the National Taxpayers Union.
SOURCE National Taxpayers Union