NPRA Denounces Proposed Senate Energy Tax Increase That Would Enrich Wall Street Investment Managers

Jun 08, 2010, 17:19 ET from National Petrochemical & Refiners Association

WASHINGTON, June 8 /PRNewswire-USNewswire/ -- An energy tax increase proposed in the Senate should be defeated because it would take money from American families, farmers and truckers to provide tax breaks for wealthy Wall Street investment fund managers, National Petrochemical & Refiners Association President Charles T. Drevna said in a letter sent today to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell.

The House of Representatives voted May 28 to increase the federal Oil Spill Liability Trust Fund tax to 34 cents per barrel to ensure that the fund is large enough to respond to any future oil spills. The Senate version of the bill would boost the proposed increase to 41 cents a barrel.  The additional federal tax revenue from this proposed tax increase would be used to offset lost federal revenue from reduced taxes on income paid by investment managers.

"This proposal amounts to an effort to pay Wall Street by robbing Main Street," Drevna said. "This tax increase will raise the cost of gasoline, diesel fuel and other products for American families, all in the name of giving more tax breaks to bankers and hedge fund managers."

"We strongly denounce this budgetary gimmick that would give Wall Street a break while increasing energy costs for consumers and businesses across America," Drevna added.  "Members of the Senate should put the needs of American families, farmers, and truckers ahead of the interests of Wall Street and work to defeat this misguided proposal."

SOURCE National Petrochemical & Refiners Association