President Obama’s Oil and Gas Tax Hikes Will ead to 154,000 lost jobs, $341 billion in lost economic output and $68 billion in lost wages

Study Finds President Obama’s Proposed Oil and Gas Tax Hikes Will Cost Jobs, Slow Economic Recovery. Lead to 154,000 lost jobs, over $341 billion in lost U.S. economic output and $68 billion in lost wages.

WASHINGTON, D.C., Sep 13 - House Natural Resources Committee Ranking Member Doc Hastings (WA-04) issued the following statement on today’s report by Louisiana State University Endowed Chair of Banking and economist Dr. Joseph R. Mason on the economic impacts of President Obama’s proposed tax increases on oil and gas. The report concluded that the President’s proposed tax hikes will cost over 154,000 jobs by 2011, $341 billion in lost U.S. economic output and $68 billion in lost wages.

“While millions of Americans are struggling to find jobs, the Obama Administration is planning to put even more people out of work in order to satisfy its big government agenda. Dr. Mason’s report is a perfect illustration of how tax increases will only delay our economic recovery and hurt middle class Americans at a time when they can least afford it. The Administration must abandon these tax increases on energy and also prevent the looming tax hikes facing every American and small business. Instead of passing job-killing policies, we should implement Republican Leader Boehner’s two-part plan to freeze tax rates and cut government spending.” ###

The Regional and National Economic Impact of Repealing the Section 199 Tax Deduction and Dual Capacity Tax Credit for Oil and Gas Producers FULL TEXT in PDF FORMAT

TEXT CREDIT: House Committee on Natural Resources, Republicans Contact: Jill Strait or Spencer Pederson (202) 226-2311