Shuster Votes No on Democrat Tax Hike

Shuster Votes No on Democrat Tax Hike

Today, Congressman Bill Shuster voted against a bill to increase taxes on domestic energy producers. The bill, which is the first tax increase in 13 years to pass the House, was ultimately passed under a closed rule without opportunity to amend or offer alternatives to the proposal.

"The Democrats have been in the majority for less than a month and they are already raising taxes," Shuster said. "Attacking American energy producers is a poor substitute for an energy policy."

"Increasing taxes on energy production hurts consumer and domestic producers," Shuster said. "Energy companies need to offset higher production costs and history has shown that they find those offsets in higher prices for their customers."

The Democrats bill will raise taxes on domestic oil and gas producers in the amount of $7.7 billion over the next 10 years. Additionally, the bill places onerous restrictions on leases and royalty payments for deepwater oil and gas development that will increase taxes by $6.3 billion over 10 years. While the Democrats plan on putting these new tax receipts in an account to fund alternative energy, no actual account is specified or created by the legislation.

"This plan will do nothing to end our addiction to foreign oil, put cheaper gas in our cars, or keep our homes warm in the winter," Shuster said. "This bill punishes domestic energy producers, while allowing foreign competitors a free hand and a competitive advantage."

http://www.house.gov/list/press/pa09_shuster/notaxhike.html