|FOR IMMEDIATE RELEASE||
|February 26, 2009||
Laura Henderson (202) 621-2951
Administration Attempts to Sneak Biggest Tax Increase
in History into Budget
Washington, D.C – The Institute for Energy Research (IER) today responded to the fact that President Obama’s budget includes the biggest tax increase in American history. The Administration’s budget uses projected revenues from an economy-wide cap-and-trade policy—a policy not yet enacted—in an attempt to reconcile increased spending.
Below is a statement from Thomas J. Pyle, president of the Institute for Energy Research:
“Though history tells us that no nation has ever taxed itself to prosperity, President Obama plans to fix our economy by establishing the single largest tax increase in American history—a tax on affordable energy. His plan is not economic development; it’s a surefire way to send America’s businesses either to bankruptcy or overseas.
“While the fact that this Administration’s plan to balance their books relies on funds they hope to someday receive from a policy they hope to someday enact is alarming enough, it is truly appalling that they are attempting to sneak this huge stealth tax into the budget at a time when so many Americans are facing unprecedented economic constraints.”
The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.