Dear Senator,

On behalf of more than 1.7 million Americans for Prosperity activists in all 50 states, I strongly urge you to reject S. 940, the so-called “Close Big Oil Tax Loopholes” Act. This bill takes the senseless stance that high gas prices counsel raising taxes on oil companies. This is the wrong approach to addressing the high fuel prices that are hitting American families. Targeting specific industries for higher taxes will only contribute further to a stalled American economy.

I urge you to vote NO on S. 940 and reject efforts to raise taxes on the nation’s energy producers. Americans for Prosperity will rate this vote in our congressional ratings.

S. 940 singles out American oil companies by eliminating the industry’s access to certain broadly available business and investment tax benefits. One example is the Section 199 domestic production activities deduction that gives American businesses tax relief when they produce goods in the country. S. 940 would bar only “any major integrated oil company” from claiming this deduction. While AFP agrees that Congress should eliminate targeted tax breaks that benefit one form of energy over another, eliminating an industry’s access to tax benefits that are broadly available to American businesses is an improper use of the tax code.

S. 940’s targeted tax increase not only inflicts immediate pain on the American economy, but it also has long term effects. Investment in any business project, energy or otherwise, requires a careful balancing of risk and return and managing some level of uncertainty about the prospects for a project’s success. That risk and uncertainty only increases when investors have to worry about the government stepping in and changing the rules. If Congressional Democrats and President Obama continue their current course of bullying and intimidating American businesses, they will continue to repel investment with uncertainty and a harsh business climate.

I urge you to vote NO on S. 940 and reject efforts to raise taxes on the nation’s energy producers. Americans for Prosperity will rate this vote in our congressional ratings.

Sincerely,

James Valvo
Director of Government Affairs
Americans for Prosperity

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