Earlier this year, Senate Finance chairman Max Baucus and House Ways and Means chairman Dave Camp embarked upon a “tax road trip.” Their goal being to rewrite the tax code for the first time in a quarter century.
Why does this matter? It matters because a re-written tax code only helps when the goal is to help American businesses and the taxpayer.
The reality is that “tax reform” is often code for “tax increase.” Case in point are recent proposals to strip dual capacity and Section 199 from the tax code. These changes will significantly impair the ability of the oil and gas industry to create and support domestic jobs.
Just like the implementation of Obamacare forces additional costs upon the end consumer, additional taxes placed on the oil and gas industry will cost the U.S. hundreds of thousands of jobs and will harm the end consumer most.
Why any elected official would think burdening American businesses with additional tax burdens is beyond me.