Kay Bailey Hutchison: “I rise to speak in opposition to the Menendez proposal which would raise taxes on a handful of our Nation's energy…”

“I rise to speak in opposition to the Menendez proposal which would raise taxes on a handful of our Nation's energy producers. This bill makes the assumption that raising taxes on the five major oil companies will somehow reduce the deficit and lower the price at the pump. This is misguided and it will also have the opposite effect. Raising taxes on our domestic oil industry will drive up gasoline prices and who in America driving a truck or a car doesn't realize that gasoline prices are already very high? Second, it will threaten the jobs, 9 million jobs dependent on drilling, exploration, and operating in America. If we drive these companies overseas, it will increase foreign imports and it will stop jobs being created in America. Those who threaten to repeal these deductions fail to recognize the tremendous costs and risks that go into exploring for the energy needed to drive our country forward. Our oil and gas industry is a business or industry that creates jobs like any other business or industry in our country. Why would we single out one sector of our economy and say you can't deduct your expenses? Every other business in America can deduct expenses. Other manufacturing businesses in America can get the tax credits for manufacturing jobs because we want to keep jobs in America and it offsets the very high corporate tax rate that we have in our country, that the President has recognized as being too high.…”