Biden Wants to Raise Taxes on Oil Drillers

Joe Biden should be looking for ways to make gasoline prices lower.

Instead, he is using the current crisis as a way to put the oil and gas companies out of business.

In Biden’s budget proposal, subsidies for the fossil fuel industry are on the chopping block, a move that could result in massive hikes in pricing.

Thanks, Joe

The new budget calls for the removal of more than a dozen tax credits received by the fossil fuel industry.

This is estimated to increase government revenue by more than $45 billion over the next decade, all things remaining equal.

However, as well know, that will not be the case.

What will happen is that the fossil fuel industry will raise pricing, which is exactly what Joe Biden wants them to do.

He is doing this to try to drive more people to renewable energy, but it will have the opposite effect.

It will crush the average American with higher gasoline prices, making those expensive electric cars that Biden wants everyone to purchase even less affordable for the average American family.

Mike Palicz, the federal affairs manager at Americans for Tax Reform, stated, “This budget is basically a $45 billion tax increase on the oil and gas industry.

“This is more targeting oil and gas for provisions that are just good tax policy that any industry should be able to take advantage of.

“This is a clear effort to continue to try and paint (the oil and gas industry) as the villain.”

The average cost of gasoline is now sitting at more than $4.20 per gallon, up almost 50 percent from only a year ago.

This time next year, if this budget goes through, we will wish we were ONLY paying $4 for a gallon of gasoline.

Source: Daily Caller


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