Eliminating these two tax deductions would also hinder domestic production of natural gas, the clean-burning fuel that many people see as the key to an abundant, ecologically sound energy supply in the future. An analysis done by Wood Mackenzie found that these tax increases would put at risk anywhere from 300,000 to 600,000 barrels of oil equivalent per day in 2011 and jeopardize more than 10 percent of total U.S. production capacity by 2017 -- another substantial blow to America’s economy and its energy supply.
This serious threat to job creation and the U.S. economy may be acceptable to Democrats in Washington, but average Americans are concerned. Harris Interactive surveyed registered voters in ten states and found that 64 percent oppose these tax increases on America’s fuel supply. About 46 percent said they strongly opposed them -- a number that Democrats who are worried about retaining their seats in Congress should take to heart.
Poll after poll has demonstrated that improving the economy and creating jobs are the top priorities for Americans. Adding additional taxes that will burden businesses with higher energy and transportation costs, as well as raise prices for families at the gas pump, will only work to hinder economic recovery.
When the country and economy is struggling, the government must tread lightly and tighten its own belt just like everyone else. Demanding more money from hardworking Americans and U.S. businesses is not only bad policy, it is really bad politics.