WASHINGTON – Earlier this month, the U.S. Department of the Treasury released the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals (Green Book), a compilation of reforms proposed by President Biden to raise revenues, expand tax credits, and improve tax administration and compliance. Instead of increasing U.S. energy production, the Green Book proposes to weaponize the tax code against domestic producers by suggesting the implementation of tax hikes on the production of oil, gas, and coal.
Among other provisions, the newly released Green Book calls for $5 trillion in new tax increases and specifically, more than $110 billion in targeted tax increases on the production of oil, gas, and coal. If implemented, these tax increases will undermine domestic energy producers, suffocate economic growth, and increase foreign competitor’s domestic and global market share.
Following the latest Green Book, U.S. Senator Kevin Cramer (R-ND) joined U.S. Senator John Barrasso (R-WY) in sending a letter to Secretary of the Treasury Janet Yellen to express grave concerns regarding the administration’s hostility towards American energy production.
“Working families and small businesses are facing immense challenges including high energy prices. At the same time, our allies and partners across the globe are asking for reliable American energy resources to escape their dependence on Russian energy and to deal with the energy crisis,” the senators wrote. “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.”
“America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages,” the senators concluded. “When facing a whole-of-government assault, American energy producers cannot continue to make long-term investments, which provide stability and energy security both at home and overseas. These crushing tax proposals, paired with the administration’s heavy-handed regulations and mandates, would threaten American families’ access to affordable and reliable energy, while giving our adversaries the upper-hand in global energy markets.”
Additional cosigners include U.S. Senators Mike Crapo (R-ID), John Thune (R-SD), John Cornyn (R-TX), James Lankford (R-OK), Thom Tillis (R-NC), Steve Daines (R-MT), Shelley Moore Capito (R-WV), Marsha Blackburn (R-TN), Jim Risch (R-ID), Cindy Hyde-Smith (R-MS), Ted Budd (R-NC), Eric Schmitt (R-MO), Rick Scott (R-FL), Katie Britt (R-AL), Lisa Murkowski (R-AL), Bill Cassidy (R-LA), Dan Sullivan (R-AK), Mike Braun (R-IN), Tim Scott (R-SC), Cynthia Lummis (R-WY), John Kennedy (R-LA), and John Hoeven (R-ND).
Click here for the letter.