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Buchanan: Rising Energy Costs Are a Hidden Tax That Stifle Growth

April 05, 2022

Working families are suffering higher prices at the pump in the wake of Democrats’ war on American-made energy, writes top Republican on the Ways and Means Health Subcommittee Rep. Vern Buchanan (R-FL) in an op-ed for Townhall. 

By promoting economic growth, including by making reforms from the Tax Cuts and Jobs Act (TCJA) permanent, Democrats could work with Republicans to unleash American energy independence and ease price hikes facing American families.

CLICK HERE to read the full op-ed.

  • “Now, 14 months into his presidency, the budgets of Americans and small businesses are being squeezed by record-high gas prices and historic levels of inflation.
  • “Before Biden’s crusade against domestic energy, businesses enjoyed low gas prices thanks to Republican policies that prioritized energy independence.”
  • Rising energy costs amount to a hidden tax on our workforce that stifles growth. Spiking fuel prices on top of record-breaking levels of inflation increase the cost of doing business and ultimately result in higher costs passed along to the consumer.”
  • “The U.S. should also make it easier for energy companies to grow by extending 100 percent immediate expensing for new capital purchases permanently, a tax provision that begins to phase out at the end of this year.”
  • The Tax Cuts and Jobs Act established full and immediate expensing, or the ability to completely deduct the cost of making capital acquisitions, of all new and used equipment purchases. This has been extremely beneficial for energy exploration and production companies to re-invest in their businesses, hire new workers and grow the economy.”
  • “We need to end Biden’s war against domestic energy producers and work toward achieving energy independence for the benefit of all Americans.

CLICK HERE to read the full op-ed.