Letter to the Editor
Dear Editor:
Our state and national unemployment rates, while falling, are still too high. We should not single out a sector – oil and gas – whose job growth has increased 40 percent since 2007, while the rest of private sector has remained stagnant. Yet that is exactly what so many in Congress are calling for, despite data showing that energy companies paid 37 percent in federal, state and local corporate income taxes from 2007-2012, while other companies on the S&P 500 paid just over 29 percent.
Continued investments in these vital industries require sensible tax policies. Taking away deductions and cost-recovery measures will make extracting and refining oil and gas more expensive. Businesses will have fewer resources to hire workers and customers will pay more money at the pump as a result. We should not demonize successful industries to the detriment of a more sound tax code and more importantly, a sound economy.
Furthermore, a strong energy sector helps America’s national security. Our demand for oil and gas (and renewable energy) will continue to grow in the near future, and we must pursue sensible measures that promote smart growth and encourage investments domestically. We should not remain dependent on other nations for our oil and gas, when we have the resources here to become more energy independent.
I hope that our members of Congress stand against any calls for tax hikes on energy and stand for measures that support our domestic oil and natural gas businesses, especially given all the turmoil in Syria, Iraq, and Israel.
Sincerely,
Marvin Green
Richmond, VA
