Raising taxes on energy will slow down economy
Author: - October 11, 2013 - Updated: October 11, 2013
With the government temporarily out of business, legislators aren’t talking much about reforming the tax code. But when they do, I hope they and the president will be more realistic about raising taxes on an industry so tied to economic growth and job creation. The industry I am referring to is the energy industry.
Although the president and Congress are facing a government shutdown and other big policy issues now, there are those — the president included — who still think raising taxes on oil and natural gas businesses is a good way to generate revenue. Don’t believe it. Any revenue gained by increasing taxes on the energy industry will be lost in an economic slowdown as fuel-reliant businesses draw back from investment and growth.