Scott, Senate Republicans Call Out Biden Tax Hike on American Energy Producers

WASHINGTON — U.S. Senator Tim Scott (R-S.C.) joined Senate Republican Conference Chairman John Barrasso (R-Wyo.) and 22 of their Republican colleagues in a letter to U.S. Treasury Secretary Janet Yellen expressing serious concern over the $110 billion in proposed tax increases on the production of oil, gas, and coal in the Biden administration’s fiscal year 2025 federal budget.

Their letter specifically highlights how the Biden administration is weaponizing the tax code to stifle U.S. energy production. As a result of the energy-related tax hikes, American families and small businesses are faced with higher energy prices and our allies around the world will be forced to turn to our adversaries for their energy needs. In the letter, the senators call on the administration to unleash our abundant American energy resources and stop attacking our energy producers who are ready to provide reliable and affordable energy for the American people.

“We write with grave concern regarding the administration’s continued hostility towards American energy production. The administration has once again doubled down on weaponizing the tax code against U.S. energy producers,” the senators wrote. “It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security. Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people. America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages.” 

Additional signers of the letter include U.S. Senators Mike Crapo (R-Idaho), John Thune (R-S.D.), John Cornyn (R-Texas), James Lankford (R-Okla.), Thom Tillis (R-N.C.), Steve Daines (R-Mont.), Shelley Moore Capito (R-W.Va.), Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), Kevin Cramer (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ted Budd (R-N.C.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Katie Britt (R-Ala.), Lisa Murkowski (R-Alaska), Bill Cassidy (R-La.), Dan Sullivan (R-Alaska), Mike Braun (R-Ind.), Cynthia Lummis (R-Wyo.), John Kennedy (R-La.), and John Hoeven (R-N.D.).

Full text of the letter can be found here