 |
Tax Attorney Information |
Economists, Energy Experts Agree: 'New Direction' of Pelosi Proposal Points Downhill
ALEXANDRIA, Va., Dec. 5 /PRNewswire-USNewswire/ -- House Speaker Nancy Pelosi's (D-CA) "new direction" in energy policy actually takes a familiar turn: more money out of taxpayers' pockets and stymied energy development, according to the 362,000-member National Taxpayers Union (NTU). The legislation, unveiled yesterday, would unwisely penalize oil companies, impose harsh mandates on the auto industry, and heavily regulate private utilities -- all of which ultimately will hinder new developments in energy technology and hurt consumers.
"Speaker Pelosi's new energy bill does nothing to improve upon the previous House- and Senate-passed disasters," NTU Government Affairs Manager Andrew Moylan said. "Instead, it relies on 30 years of tried-and-failed tactics including higher taxes, piles of taxpayer subsidies, and more regulation."
Portrayed as a step toward stronger energy security and a cleaner environment, Pelosi's bill defies a veto threat from President Bush, opposition from many lawmakers, and expert advice from 234 economists, who sent an NTU-commissioned letter to Congress in October warning against the most damaging provisions of the House and Senate energy bills. Rather than spur domestic energy production, proposals for higher taxes on oil companies, strict fuel efficiency requirements for automobiles, and "renewable energy" mandates on private utilities will drive up prices for consumers.
Pelosi justifies her legislative approach by citing the need for so-called alternative energy sources such as ethanol, but according to Moylan, allowing Members of Congress to pick market winners and losers in development of new energy technology puts the future of American energy in the hands of politicians rather than the public.
"The package has a destructive tax hike of $21 billion, which will only serve to increase the very oil imports the bill purports to reduce," Moylan concluded. "Meanwhile, it ramps up mandates for fuels like ethanol despite the pernicious effects on consumers and taxpayers. The inclusion of other feel-good provisions like higher fuel efficiency standards and mandates for renewable electricity simply prove that this bill is more about political grandstanding than it is about creating good policy."
NTU is a nonpartisan, nonprofit citizen organization founded in 1969 to work for lower taxes, smaller government, and economic freedom at all levels. Note: For further energy policy information, visit http://www.ntu.org/.
Related News
The American Conservative Union has called on Congress to reject proposed energy legislation it says would "threaten to set the U.S. back decades in energy cost and availability" and called on President Bush to veto the bill if it reaches his desk.
ACU Chairman David A. Keene said House Speaker N ... Read Full Article
Speaker Nancy Pelosi issued the following statement today as the price of oil rose to nearly $100 per barrel:
"As the price of oil surges toward an historic high of $100 a barrel -- almost four times the price when President Bush took office -- the 110th Congress is committed to a New Direction f ... Read Full Article
House Republican Whip Roy Blunt (Mo.) issued the following statement today after attending the president's formal signing of H.R. 5140, the Economic Stimulus Act of 2008:
"President Bush signed a piece of good, bipartisan legislation into law today that will help address Americans' growing anxiet ... Read Full Article
Home improvements may do more than just beautify and increase the value of your home, now they can bring you even greater tax savings. Jackson Hewitt Tax Service(R) (NYSE:JTX) spotlights the new Energy Policy Act of 2005, which goes into effect on January 1, 2006. The new tax law provides significan ... Read Full Article
Speaker Nancy Pelosi spoke on the floor this afternoon urging the passage of H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008. Below are her remarks:
"One year ago, actually a little longer, January 2007, Mr. Rangel brought to the floor legislation similar to this. What it ... Read Full Article
In the market for a new car? You may want to wait until after January 1, 2006 to make the purchase to take advantage of a significant tax credit. Jackson Hewitt Tax Service(R) (NYSE:JTX) explains how purchasing the latest hybrid or other fuel-efficient vehicle may provide the opportunity for taxpaye ... Read Full Article
More than 2.7 million taxpayers, or nearly half of all individual taxpayers, filed their 2005 state personal income tax returns electronically this year, setting an all-time record for electronic filing.
"Each year, more and more taxpayers file their tax returns electronically," said Secretary of ... Read Full Article
Sponsor Links
Home | |
Copyright © 2004-2007 Sostre & Associates
