For Immediate Release
February 22, 2012
“In the end, companies like Solydra won’t only be getting hundreds of millions of dollars in taxpayer-funded loans, they’ll be getting an entire tax structure designed to boost their profits while punishing the administration’s favorite bogeymen in the oil and gas industries.” — IER President Thomas Pyle
WASHINGTON D.C. — The White House released Wednesday a broad outline of President Obama’s proposal to cut corporate tax rates, which includes tax increases for oil and gas producers and the creation of new tax loopholes and subsidies for renewable sources like wind and solar. IER President Thomas Pyle issued the following statement in advance of President Obama’s speech tomorrow, during which time the president is expected to address a wide range of energy issues:
“On the surface, it is promising to see the President finally recognizes that the current corporate tax rate in the United States leaves American businesses at a competitive disadvantage in a global market. Below the surface, however, this latest proposal is another scheme to tip energy markets to favor the administration’s allies in the renewable industries.
“Gasoline prices are at record seasonal highs, yet the administration continues to embargo America’s vast energy resources behind a job-killing regulatory gauntlet. Now, the President wants to further discourage domestic energy production by skewing the tax code to punish oil and gas while he favors wind and solar. In the end, companies like Solyndra won’t only be getting hundreds of millions of dollars in taxpayer-funded loans, they’ll be getting a discriminatory tax structure designed to boost their profits by punishing the administration’s bogeymen in the oil and gas industries.
“Tinkering with the tax code is not a solution to America’s energy needs. Creating tax loopholes and more subsidies for companies like Solyndra is not tax reform. Letting the free market determine how best to harvest our energy resources is the only way to ensure a fair, even playing field for American energy development.”