November 04, 2022

Biden Plan Means Higher Gas Prices, New $62 Billion Tax On American Energy Producers

President Biden’s call for a windfall profits tax – his Administration’s latest attack on American energy that will drive up the price at the pump for American families – would impose a new $62.2 billion tax on American energy producers, according to a Joint Committee on Taxation (JCT) analysis of such a proposal already introduced in Congress. JCT’s analysis also confirmed that such a proposal would harm domestic energy exploration by pushing jobs overseas and increase American dependence on foreign energy production.
“As if gas prices were not high enough under his Administration’s failed energy policies, President Biden is proposing to further increase the price at the gas pump while offshoring American energy jobs. According to an analysis by the Joint Committee on Taxation, this scheme President Biden has endorsed amounts to an unconstitutional tax on American energy that will result in American oil being sent oversees to be refined and then reimported back to the U.S. With families struggling to get by, the President and Washington Democrats want to export America’s energy security and import ever higher prices.”

- House Budget Committee Republican Leader Jason Smith (MO-08)

Key Takeaways from JCT Analysis of Windfall Profits Tax Proposal:

• $62.2 billion tax increase. • Includes a new unconstitutional tax on exports. • Increases American dependence on foreign energy by forcing domestic energy companies to send crude oil to be refined oversees and then reimported as finished fuel. • Offshores American jobs.

Washington Democrats’ Hostility to Affordable American Energy: