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Obama Proposes Nearly $90 Billion in Tax Hikes on Energy Producers
Click here for the full study.
Obama Energy Tax Proposals
The President’s FY 2013 budget contains billions in tax increase on energy production and consumption. These taxes will result in higher prices at the pump, increased utility bills, and fewer American jobs as companies flee the U.S. and companies cannot recover their investments. Below is a breakdown of energy taxes Obama put forth in his 2013-2022 budget:
| Tax Increase | FY 2013 | FY 2013-2022 | Industry impact |
| Increase Amortization Period | $61 million | $1.4. billion | $1.4 billion |
| Dual Capacity | $530 million | $10.7 billion | $10.7 billion |
|
Oil and Natural Gas Hard Minerals |
$612 million $185 million |
$11.4 billion $1.7 billion
|
$11.4 billion $1.7 billion |
|
Repeal Intangible Drilling & Expensing of Exploration Cost for Coal Oil and Natural Gas Hard Minerals |
$3.4 billion $26 million |
$13.9 billion $440 million |
$13.9 billion $440 million |
|
Oil and Natural Gas Hard Minerals |
$587 million $13 million |
$11.9 billion $270 million |
$11.9 billion $270 million |
| Repeal Tertiary Injectants | $7 million | $100 million | $100 million |
| Superfund | $1.4 billion | $20.8 billion | $10.5 billion |
| LIFO | $5.5 billion | $73.8 billion | $25.8 billion |
| Passive Loss | $9 million | $82 million | $82 million |
| Oil Spill Liability Trust Fund | $55 million | $717 million | $717 million |
* Data for FY 2014. 2013 calculations are not applicable.
ATR Recommendations
Congress should reject these new tax increases and move to rapidly increase access to domestic energy resources in the Eastern Gulf of Mexico, part of the Rocky Mountains, the Atlantic and Pacific Outer Continental Shelves, and ANWR. Increased access would:
- Create 1 million direct and indirect jobs by 2018 and over 1.4 million by 2030
- Bring an additional 1.27 million barrels of oil equivalents per day online by 2015 and 10.4 million barrels per day by 2030
- Raise over $800 billion in cumulative government revenue by 2030
