President Joe Biden’s budget proposal mentions “climate” 31 more times than it mentions inflation or border security, according to the Republican Review Committee (RSC).
The RSC said in a messaging document that Biden’s budget proposal includes $43 billion in tax hikes on the oil and natural gas industry, including:
- $13 billion by removing the depletion percentage of oil and natural gas wells.
- $10.7 billion by eliminating full expensing of intangible drilling costs
- $10.2 billion by increasing the geological and geophysical amortization period for independent producers
- $1.56 billion by repealing the enhanced oil recovery credit
- $1.922 billion by repealing the credit for oil and gas produced from marginal wells
- $1 billion by repealing the corporate income tax exemption for publicly traded fossil fuel limited partnerships.
The conservative group also pointed to how the bill created a $200 million “solar manufacturing accelerator” at the Department of Energy and spent $900 million on climate research.
Rep. Jim Banks (R-IN), chairman of the RSC, said Tuesday, “Biden’s budget gives the EPA $1.5 billion to drive gas prices up even further.”
Biden’s budget gives the EPA $1.5 billion to push gas prices even higher… https://t.co/JAP2VoikiE
— Jim Banks (@RepJimBanks) March 29, 2022
“Gas prices are at an all-time high and the #BidenBudget would hit the US energy industry with at least $43 billion in tax hikes. Incredible. This administration is dedicated to making life more expensive for ordinary Americans,” Banks added:
Gasoline prices are at an all-time high and the #BidenBudget would hit the US energy industry with at least $43 billion in tax increases. Incredible.
This administration is dedicated to making life more expensive for ordinary Americans.
— Jim Banks (@RepJimBanks) March 28, 2022
Other Republicans, such as House Budget Committee ranking member Jason Smith (R-MO), said:
The President’s budget foregoes America’s energy independence and attacks American energy companies so that we are more dependent on foreign nations for our energy needs. The president is continuing his same capture and release policies that have resulted in the worst border crisis in 20 years. And, in a blatant attempt to cover up the $5 trillion in spending, $3 trillion in debt, $1.5 trillion in taxes and myriad destructive policies under its Build Back Better program, the President’s budget declares this entire program to be off limits for accounting. purposes.
“President Biden likes to say ‘show me your budget and I’ll tell you what you value’. What this budget shows is that President Biden values more spending, more debt, more taxes and more of pain for the American people,” Smith added.