TPA Slams Windfall Tax Proposals on Energy

For Immediate Release                                                                             Contact: Abigail Graham: (202) 417-7235

May 12, 2022                                                                                                               

Washington, D.C. – The Taxpayers Protection Alliance (TPA) responded to renewed calls for a windfall tax from congressional Democrats. TPA urges lawmakers to oppose the misguided idea that higher taxes would lower oil prices. Tax increases would be priced in at the pump and passed on to consumers while doing little to address policy decisions that have increased costs; making matters for the American consumer much worse.

TPA President, David Williams, offered the following statement:

“This proposal would further increase the price of gas at the pump for Americans and ignores the role government policy has played in generating inflation.

“Sen. Whitehouse attributing increased costs to ‘corporate greed’ overlooks many of the Biden administration and Congress’s decisions that have increased costs for Americans looking to fuel their cars, power their homes, and feed their families.

“As the global oil supply lags, punishing producers with hefty taxation is not the way to incentivize production and lower costs at the pump. Lawmakers and the Biden administration must cease antagonizing the energy industry through regulation and consider ways to increase supply if their aim is to truly lower costs.”

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 Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.