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Knoxville, TN 37902
It just doesn’t make sense that President Obama has proposed raising taxes on domestic energy production, particularly at a time when we desperately need jobs and economic investment in this country. The administration’s proposed budget calls for the repeal—for the oil and gas industry only—of the tax code’s Section 199 deduction for domestic manufacturing, construction, and engineering services.
While other industries are appearing before Congress begging for bailouts, the American energy industry is actually contributing to our economy. If we are looking for new job growth, we should look to industries that are healthy and capable of creating these jobs. The energy industry is willing and able to create jobs and boost our economy without government bailouts.
If we repeal this section of the tax code as the president suggests, we will be driving American jobs overseas and increasing our reliance on foreign oil and gas sources. Not only will this adversely affect our economy, but it also lessens our energy security.
We need to send Washington the message that we don’t want to send oil and gas prices higher, nor do we want to lose out on domestic jobs. Both would be the impact of repealing this important piece of the tax code.
Richard Reid, Nolensville, Tenn.