Our national debt is too high. Would increased taxes on oil and natural gas companies lower the deficit?
Punitive tax increases on the oil and natural gas industry may provide short-term revenue, but they would undermine economic investment and cause the federal government to lose money in the longterm.
The bigger picture: instead of punitive tax increases on an industry whose strong performance benefits so many Americans’ investments and retirement security, why not find ways to let an industry that contributed $476 billion to the economy last year do more? More jobs, more energy to secure the country's future, more revenue for government.
The oil and natural gas industry already supports 9.2 million workers and 7.7 percent of U.S. GDP. Singling out an industry for tax increases will erode that foundation and ultimately result in fewer jobs, less GDP growth and less government revenue.
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