Energy News Today

President Biden signs bill increasing taxes on petroleum companies

            Big government just got bigger.

President Joe Biden signed the Inflation Reduction Act (IRA) this week creating higher taxes on millions of Americans while increasing subsidies for exotic energy sources.

The tax provisions hit the oil and gas industry. It imposes an $11.7 billion tax on crude oil and petroleum products, a new tax on methane, a new 15% minimum tax on corporations, a new tax when companies buyback stocks from investors, and increases fees and royalties on leases and production on federal lands.

U.S. Rep. Kevin Brady (R-TX), immediate past chairman of the House Ways & Means Committee, called the bill “a slush fund for the Green New Deal.”

 The Wall Street Journal said: “The 725-page bill is riddled with green goodies that favor unions and projects located in specific regions.”

Read More: President Biden signs bill increasing taxes on petroleum companies

2022-08-20 00:02:42

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