Why Raising Oil Taxes Will Hurt the Economy
July 12, 2011
Bearing Drift
As Congress and President Obama work towards a deal in addressing the current debt and budget, there have been demands to raise taxes on the oil industry. With high unemployment numbers, one would think Obama would want to address these issues, instead of making them worse. Raising taxes on the oil industry could have a detrimental impact on the economy, as well as causing unemployment numbers to rise.
Currently, the oil industry pays more than $86 million per day to the government. In a recent interview, Louisiana State University economist Joseph Mason said that removing tax incentives on oil companies could cost the government more over time and even suggested that Obama and Congress should ease the restrictions on offshore drilling to help boost revenue.
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