Senators Carl Levin, D-Mich., and Sheldon Whitehouse, D-R.I., introduced the Cut Unjustified Tax Loopholes Act, also known as the CUT Loopholes Act, or S. 268, on Monday. The bill was introduced in the midst of a congressional and White House showdown over the impending budget sequestration and growing calls for corporate tax reform, but builds […]
Free market Norseman Grover Norquist sent a letter to “Senators” today, urging them to vote against the cleverly titled Close Big Oil Tax Loopholes Act of 2011. And for anyone that has signed the Taxpayer Protection Pledge, let it be known that you’ll be in direct violation of said pledge if you also sign the CBOTLA2011. This means you can expect ATR hellfire – in the form of sternly-worded letters – to rain upon you. If you think they’re bullshiting, just ask Tom Coburn what happens with you mess with the (Viking) horns.
Voting for the Close Big Oil Tax Loopholes Act of 2011 is a violation of the Taxpayer Protection Pledge. Senate Democrats advocating for this legislation predicate their arguments on three false suppositions:
1. Taxing oil companies will bring down the price of gas
2. Washington needs more money
3. Oil and natural gas producers are the recipients of government subsidies
None of these presumptions are true.
Coinciding with the recent rise in gas prices were Democrat calls to raise taxes on America’s oil and natural gas producers—some of this country’s finest job creators. This line of reasoning is illogical. Raising the cost of producing crude oil will necessarily raise the price of gasoline.
As many Americans now understand, this country doesn’t have a revenue problem, we have a spending problem. Democrats are defaming oil and natural gas companies—with stunts like last week’s Senate Finance hearing—because they see these successful businesses as a way to fund a bloated federal government. President Obama’s Party has demonstrated no interest in seriously reducing spending.
So if you want to be associated with that, Senators (and I suspect The Gipper would be very disappointed), go ahead and sign CBOTLA2011. But you’re on notice.