In April, most Americans filed their annual income tax returns. Many wish the system was less complicated and more equitable — but probably none more than the U.S. energy industry, which has been targeted by some in our government for higher taxes.
As legislators begin the task of reforming our nation's tax code, the president and his allies in Congress will likely resurrect a long-standing pitch to end legitimate tax incentives and raise taxes on energy businesses. This is the same industry that creates millions of good jobs, generates billions in tax revenue, keeps the cost of fuel affordable and has been a major factor in jump-starting our recovering economy.
I don't question the need to make our tax code simpler and fairer, but the process should not be used as a political tool. Reform should support a robust energy industry and responsible development of this country's vast resources to spur economic growth.