Lafayette Reporter

Sen. John Kennedy (R-La.) and Sen. John Barrasso (R-Wyo.) have condemned the Biden administration over its proposed $110 billion tax hike on traditional American energy producers. In a letter to Treasury Secretary Janet Yellen, the senators expressed their concerns about the administration's approach towards American energy production.

“We write with grave concern regarding the administration’s continued hostility towards American energy production. Working families and small businesses are facing immense challenges including high energy prices. At the same time, our allies and partners across the globe are asking for reliable American energy resources to escape their dependence on Russian energy and to deal with the energy crisis,” the senators wrote.

The senators criticized the administration for focusing on increasing energy taxes instead of boosting U.S. energy production. They stated, “Instead of increasing U.S. energy production, the administration is focused on increasing energy taxes. The administration has once again doubled down on weaponizing the tax code against U.S. energy producers.”

The Biden administration's FY 2025 Revenue Proposals "Greenbook" recommended $5 trillion in new taxes on the American people, including $110 billion in new tax increases on oil, gas, and coal production. The administration also proposed eliminating many existing provisions of the IRS code that benefit the American energy sector.

“When facing a whole-of-government assault, American energy producers cannot continue to make long-term investments, which provide stability and energy security both at home and overseas. These crushing tax proposals, paired with the administration’s heavy-handed regulations and mandates, would threaten American families’ access to affordable and reliable energy, while giving our adversaries the upper-hand in global energy markets,” the senators concluded.

A total of 24 senators, including Sens. Mike Crapo, John Thune, John Cornyn, and others, signed the letter expressing their concerns over the proposed tax hike on American energy producers.

The full letter to Treasury Secretary Janet Yellen can be found here.