Energy & Taxes
Economic Growth and Tax Fairness
America’s oil and natural gas industry supplies tens of millions of dollars a day to the U.S. Treasury in the form of income taxes, rents, royalties and other fees. That adds up to more than $30 billion a year.
With pro-energy development policies it could produce $800 billion in additional cumulative revenue to the government by 2030, according to a study by Wood Mackenzie. Conversely, increasing taxes on America’s oil and natural gas companies could result in more than $220 billion in lost revenue to government. Needed is sound tax policy that encourages greater energy development and helps U.S. energy companies compete against global rivals.
See the Energy and Taxes primer below in high or low resolution for more information. Sections include discussions of oil industry tax myths, fairness, rates, consequences of higher energy taxes, including impacts on the economy and the American individual.
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Download the graphics and interactive charts below.
Energy & Taxes | Charts
Energy & Taxes | Graphics
Economic Consequences of Higher Taxes - Raising taxes on the oil and natural gas industry will not lower the price of fuel.