US voters wary of tax reform

According to a poll conducted by Harris Interactive for American Petroleum Institute’s (API) ‘What America is Thinking on Energy Issues’ series, 56% of voters nationwide oppose changes to the tax code that could decrease investment in energy production and reduce energy development in the US.

The results

• 54% of Democrats said they would oppose changes in the tax code that could decrease investment in energy production and reduce energy development in the US.
• 63% of Republicans said the same as above and 56% of Independents.
• 81% of the people polled agreed that politicians in Washington should solve the country’s budget issues without raising energy taxes.
• 91% of those surveyed said developing more domestic energy in the US is important.
• 69% thought that raising taxes on oil and gas companies could drive up energy costs for consumers.
• 56% thought the increases could negatively impact the country’s job market and hurt the economy.

Comments

API Director of Tax and Accounting Policy, Stephen Comstock said, ‘an energy and manufacturing revolution is taking place in America. Well crafted tax reform could complement America’s rise as an energy superpower. But badly done, tax reform could significantly harm America’s energy production, cost jobs and revenue to the government, and make us less energy secure.

‘Whenever the debate in Washington turns to spending and debt, a few politicians repeatedly haul out proposals for punitive tax increases on oil and natural gas. This is not a popular idea.’

Adapted from a press release by Claira Lloyd.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/30102013/voters_wary_of_tax_reform796/