LETTER: U.S. needs to focus on energy independenceWith the holidays fast approaching, it is important now more than ever that the leaders in D.C. recognize the need for the U.S. economy to be revitalized instead of enacting policies that will increase consumer costs.
By: Dan Willard, Sioux Falls
To the Editor:
With the holidays fast approaching, it is important now more than ever that the leaders in D.C. recognize the need for the U.S. economy to be revitalized instead of enacting policies that will increase consumer costs. An example of policy is the increase of taxes on domestic energy producers.
President Barack Obama and some members of Congress are pushing for punitive tax proposals on energy producers in the United States.
These taxes include a “double tax” that creates a burden for both the producers and consumers by not allowing for fair competition between American companies and their foreign counterparts.
The current administration needs to focus on promoting policies that help the United States become more energy independent and not relying so heavily on foreign sources of oil.
Putting the domestic companies at a competitive advantage could help achieve this goal.
If Congress passes punitive taxes on these producers during this lame duck session, it would be handing the competitive edge to foreign competitors such as Hugo Chavez’s CITGO and China’s SINOPEC.
These tax increases would cost the U.S. economy 155,000 jobs, $68 billion in lost wages and $83.5 billion in lost tax revenue.
The United States cannot afford policies that will cost jobs and tax revenue. Americans need promotion of policies that create jobs, energy independence and energy security.