GOP leaders unleash on Janet Yellen over $110B energy tax hike
24 Republicans accused the Treasury secretary of 'weaponizing' the tax code
FIRST ON FOX: A group of 24 Senate Republicans are calling out the Biden administration for "weaponizing" the tax code to stifle domestic energy production in the president's proposed 2025 budget.
In a letter Thursday to Treasury Secretary Janet Yellen, the GOP lawmakers — led by Sen. John Barrasso, R-Wyo. — highlighted the more than $110 billion in tax hikes targeting domestic production of oil, gas and coal proposed in the budget. They said such an action would only lead to higher prices for Americans and allies worldwide.
"The administration has once again doubled down on weaponizing the tax code against U.S. energy producers," Barrasso and the other senators wrote. "It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security."
"Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people," they continued. "America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages."
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24 Republicans accused the Treasury secretary of 'weaponizing' the tax code
FIRST ON FOX: A group of 24 Senate Republicans are calling out the Biden administration for "weaponizing" the tax code to stifle domestic energy production in the president's proposed 2025 budget.
In a letter Thursday to Treasury Secretary Janet Yellen, the GOP lawmakers — led by Sen. John Barrasso, R-Wyo. — highlighted the more than $110 billion in tax hikes targeting domestic production of oil, gas and coal proposed in the budget. They said such an action would only lead to higher prices for Americans and allies worldwide.
"The administration has once again doubled down on weaponizing the tax code against U.S. energy producers," Barrasso and the other senators wrote. "It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security."
"Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people," they continued. "America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages."
GOP leaders unleash on Janet Yellen over $110B energy tax hike
FIRST ON FOX: A group of 24 Senate Republicans are blasting the Biden administration for pursuing a $110 billion tax hike on American fossil fuel producers.
