North Charlotte Today

WASHINGTON, D.C. – Senator Thom Tillis and several colleagues have raised concerns over the Biden Administration's proposed tax increases on American energy producers. In a recent letter to U.S. Treasury Secretary Janet Yellen, the senators expressed their apprehension regarding the administration's approach to energy policy.

"We write with grave concern regarding the administration's continued hostility towards American energy production," the senators stated. They emphasized the challenges faced by working families and small businesses due to high energy prices, highlighting the global demand for reliable American energy resources amidst the ongoing energy crisis.

The senators pointed out that the proposed tax increases, totaling $5 trillion in the latest Green Book, would have far-reaching effects on various industries and workers. "These taxes will fall on workers and families in the form of lower wages and higher prices," they noted. The senators also criticized the administration's decision to remove longstanding tax provisions supporting traditional energy production, which they believe will hinder growth and stability in the sector.

Calling attention to America's abundant energy resources, the senators advocated for a focus on unleashing American energy and innovation to maintain economic and geopolitical advantages. They warned that the proposed tax measures, combined with regulatory burdens, could jeopardize American families' access to affordable and reliable energy while empowering global adversaries in energy markets.

The senators urged for a reevaluation of the administration's tax proposals to support domestic energy production and ensure energy security for American households and allies.