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A New Report Finds that Repealing Tax Deductions on U.S. Energy Companies Would Exacerbate the Federal Deficit

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(OPEN):
A JUST-RELEASED STUDY FINDS THAT THE OBAMA-ADMINISTRATION'S PROPOSAL TO CARVE OUT U-S ENERGY-FIRMS FROM RECEIVING CERTAIN TAX-DEDUCTIONS WOULD HAVE A NET-NEGATIVE IMPACT ON FEDERAL REVENUES.  THE STUDY WAS CONDUCTED BY LOUISIANA STATE UNIVERSITY ENDOWED CHAIR OF BANKING, DOCTOR JOSEPH MASON...

(MASON):
"
REPEALING DEDUCTIONS FOR AMERICAN ENERGY-MANUFACTURERS WOULD RESULT IN 30-BILLION DOLLARS IN FEDERAL TAX-REVENUES--BUT AT THE EXPENSE OF ABOUT 340-BILLION DOLLARS IN ECONOMIC-OUTPUT.  THERE WOULD BE OVER 155-THOUSAND LOST JOBS; 68-BILLION DOLLARS IN LOST WAGES; AND MORE THAN 83-BILLION DOLLARS IN REDUCED TAX-REVENUES.  IN FACT, THERE WOULD BE A NET FISCAL-LOSS IN REVENUES OF OVER 53-BILLION DOLLARS."

(BRIDGE):
DOCTOR MASON'S STUDY WAS SPONSORED BY THE AMERICAN ENERGY ALLIANCEA-E-A PRESIDENT, THOMAS PYLE, ADDS...

(PYLE):
"
THE ADMINISTRATION'S PROPOSAL TO ELIMINATE THESE DEDUCTIONS IS GROSSLY COUNTERPRODUCTIVE:  SUCH A MOVE WOULD HAVE A NET-NEGATIVE IMPACT ON REVENUES--THEREBY INCREASING FEDERAL DEFICITS.  IF THE GOAL TRULY IS DEFICIT-REDUCTION, A FAR-BETTER APPROACH WOULD BE REFORMING FEDERAL TAX- AND BUSINESS-POLICIES THAT ENCOURAGE ECONOMIC-GROWTH.  EXPANSION OF OIL-AND-GAS EXPLORATION AND PRODUCTION ON THE OUTER CONTINENTAL SHELF, FOR EXAMPLE, WOULD GENERATE AN ESTIMATED 11-BILLION DOLLARS IN ANNUAL FEDERAL TAX-REVENUES, IN THE SHORT RUN--AND 55-BILLION DOLLARS EACH YEAR, IN THE LONG RUN.
"

(CLOSE):
FOR MORE INFORMATION ON THE STUDY, VISIT "AMERICAN-ENERGY-ALLIANCE"-DOT-ORG.



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