WASHINGTON, D.C. – U.S. Senator Cindy Hyde-Smith (R-Miss.) joined U.S. Senator John Barrasso and others in bashing President Biden’s budget plan to levy more than $110 billion in taxes on U.S. oil, gas, and coal production.
Hyde-Smith signed a letter led by Barrasso to express serious concern over the $110 billion in targeted tax increases on U.S. energy producers, which are detailed in the Biden administration’s General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals (Green Book). The letter, sent to Treasury Secretary Janet Yellen, accuses the administration of “weaponizing the tax code against U.S. energy producers.”
“The broad tax hikes alone will deliver a heavy blow to energy production while simultaneously suppressing growth in numerous sectors of the economy. But, the administration has decided to go even further by specifically imposing additional burdens on energy producers by removing virtually every longstanding tax provision in the Internal Revenue Code designed to support traditional energy production,” the Senators wrote.