Last week, NACS, along with other oil and natural gas organizations, sent a joint letter to congressional leaders asking for a pro-growth solution
to the fiscal cliff crisis. The letter stated that “any solution embraces a pro-growth objective focusing on job creation and avoids targeted tax increases on particular industries.
“Throughout the economic downturn, America’s oil and natural gas industry has provided one of the few bright spots as the economy struggles toward recovery. Through hundreds of billions of dollars invested to develop vast new oil and natural gas reserves, and to expand our refining capacity, this industry is not only producing the energy a growing economy demands, but
also creating tens of thousands of high paying jobs while generating billions in new revenue for the government. Therefore, any attempts to target the oil and natural gas industry for punitive tax treatment should be avoided as higher taxes could put the economic growth we’ve created at risk.
“We fully recognize that a solution to the debt and deficit crisis facing the nation must be found. However, tax and revenue issues are best addressed as part of a comprehensive tax reform effort. We look forward to being part of constructive efforts post-Lame
Duck when all issues, and all taxpayers, are considered equally – while providing an opportunity to remain focused on economic growth and competitiveness. Attempts to repeal or reduce normal business tax provisions for our industry outside of comprehensive tax reform could reduce investment, cost jobs, reduce government revenue, and make it even harder to achieve equitable tax reform.
“Exit polls from the election show that nearly three out of four voters support expanded American production of oil and natural gas, and more than nine of 10
voters believe more production will create jobs. We’re proud of the rolewe’re playing to boost a recovering economy, and urge you to ensure we may continue to do so.” (NACS: www.nacsonline.com)