Contact: Jennifer Scott (202) 249-6512
Energy and Superfund Taxes Especially Detrimental to America's Chemical Industry
WASHINGTON, D.C. (September 20, 2011)
On Monday, President Obama introduced a proposal to cut the federal deficit by $3 trillion over the next 10 years. Among its flaws, the plan proposes reinstating $18.7 billion in Superfund taxes, including an excise tax of 9.7 cents per barrel on crude oil and imported petroleum products and an excise tax on other chemicals.
American Chemistry Council (ACC) President and CEO
issued the following statement:
"A trillion and a half dollars in new taxes on the very businesses and industries and individuals that drive our economy is no way to grow jobs."
"President Obama's proposal is particularly troublesome for America's chemistry industry. Specifically, by raising taxes on domestic energy production and reintroducing Superfund taxes, the President's plan could stop new investments, new plants and an estimated 400,000 new jobs in the domestic chemical industry dead in their tracks.
"We agree that Washington needs to get serious about reducing the deficit, stimulating growth and creating jobs, but President Obama's proposal isn't the answer."
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federal tax policy