Hinds Today

U.S. Senator Cindy Hyde-Smith and her colleagues have spoken out against President Biden's budget plan to impose over $110 billion in taxes on American oil, gas, and coal production. In a letter addressed to Treasury Secretary Janet Yellen, Hyde-Smith and U.S. Senator John Barrasso expressed serious concerns over the targeted tax increases on U.S. energy producers outlined in the Biden administration's General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals (Green Book).

"The broad tax hikes alone will deliver a heavy blow to energy production while simultaneously suppressing growth in numerous sectors of the economy," the Senators wrote. They accused the administration of "weaponizing the tax code against U.S. energy producers" and highlighted the detrimental impact these measures could have on American families and small businesses.

The Senators argued that the proposed tax hikes could lead to higher energy prices and force allies to seek energy sources from adversaries. They criticized the administration for overlooking the importance of traditional energy production and failing to acknowledge the industry's significant contributions to federal, state, and local tax revenues.

Instead of implementing measures that hinder U.S. energy production, the Senators called on the administration to support American energy resources and stop attacking producers who play a crucial role in providing reliable and affordable energy for the American people.

"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," the Senators concluded.

In addition to Hyde-Smith and Barrasso, several other Senators, including Mike Crapo, John Thune, and Marsha Blackburn, among others, signed the letter to Secretary Yellen. The group emphasized the importance of promoting American energy independence and urged the administration to reconsider its approach to energy policy.

Hyde-Smith, who serves on the Senate Energy and Natural Resources Committee, continues to advocate for policies that support energy production and economic growth in the United States.