Murkowski releases new analysis of Obama’s $10.25 oil tax
WASHINGTON, D.C. -- U.S. Sen. Lisa Murkowski, R - Alaska, has released a new analysis by the Congressional Research Service of the Obama administration’s revised proposed tax on oil, demonstrating that the slight increase in the rate actually costs an additional $8 billion over the next decade—for a total of $319 billion.
The White House, which describes the tax as a “fee,” originally announced the proposal would charge oil companies $10.00/bbl of oil. An earlier CRS analysis of that proposal concluded the plan would likely lower economic growth and raise costs to consumers. When the actual budget was unveiled on Feb. 9, the administration increased the fee to $10.25. Details of the proposal remain ambiguous.
“This mathematical sleight of hand may look innocent, but that additional quarter actually raises the cost of the tax or ‘fee’ by nearly $8 billion,” Murkowski said. “Far from a rounding error, this increase would only put an additional burden on America’s oil producers, which dampens our domestic energy production.”
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