Charleston Leader

Mar 28 2024

CHARLESTON, W.Va. – Last week, U.S. Senator Shelley Moore Capito (R-W.Va.), along with 23 Republican colleagues, expressed serious concern over the Biden administration's proposed tax increases on American energy producers. The senators, led by U.S. Senator John Barrasso (R-Wyo.), addressed a letter to U.S. Treasury Secretary Janet Yellen, highlighting their apprehensions.

"We write with grave concern regarding the administration’s continued hostility towards American energy production. The administration has once again doubled down on weaponizing the tax code against U.S. energy producers," the senators stated, emphasizing their opposition to the planned tax hikes.

The senators called on the administration to reconsider its approach, emphasizing the importance of unleashing American energy resources for the benefit of the nation. They criticized the proposed tax increases, stating that they would result in lower wages and higher prices for American workers.

"It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security. Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people," the senators expressed, underlining their concerns.

The letter also pointed out how the tax increases would impact various sectors of the economy, particularly energy production. The senators argued that the administration's focus on higher taxes rather than promoting energy innovation could have negative consequences for American families and small businesses.

In addition to the tax proposals, Senator Capito had previously raised concerns about the Environmental Protection Agency's regulations on greenhouse gas emissions. The senator urged the agency to reconsider its approach to avoid damaging small businesses and escalating energy costs.

The senators' letter concluded with a call to prioritize American energy production and innovation, warning against the potential ramifications of the proposed tax hikes on the industry and the nation as a whole.

Sincerely,

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