Business leaders and industry groups have been up in arms over President Barack Obama’s proposal to increase taxes on oil and gas companies to pay for his recently announced infrastructure projects.
The American Energy Alliance (AEA) cited a new study from a Louisiana State University professor, which estimates that more than 154,000 jobs may be lost in many sectors of the economy by the end of 2011 if these hikes go into effect. The report also found that more than $341 billion in economic activity and $68 billion in wages may be lost across the country.
“The discriminatory energy tax increases proposed by the administration will destroy American jobs and raise the price of energy for consumers,” said AEA President and CEO Tom Pyle, adding that the measure would have little to do with offshore drilling safety or energy policy as a whole.
In his view, “this tax grab merely represents punitive policies that are now finding a place in the sun in the post-BP oil spill crisis political environment.”
The National Taxpayers Union (NTU) echoed these sentiments and launched a $4 million national advertising campaign against the proposals.
The ads are set to run on cable networks and on local stations in Arkansas, Iowa, Nebraska, Virginia and Washington.