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June 9, 2008

National Taxpayer Union Vote Alert

NTU urges all Senators to vote “NO” on both S. 3044, the “Consumer-First Energy Act,” and H.R. 6049, the “Energy and Tax Extenders Act.”

• S. 3044: This bill contains $17 billion in punitive tax hikes, a new 25 percent “windfall profits tax,” and a raft of ill-advised regulations that will raise the cost of doing business in the oil industry. History tells us that these proposals will result in reduced domestic oil production, increased imports, and only a fraction of the projected revenue.
  
  
• H.R. 6049: This bill would extend several business and energy tax provisions and would “pay for” it with $54 billion in new taxes. These permanent tax hikes would change rules pertaining to deferred compensation and interest allocation. Regardless of the relative merits of temporarily extending the aforementioned energy tax items, they should not be matched by permanent tax hikes elsewhere in the budget.

A “NO” vote on both S. 3044 and H.R. 6049, in opposition to higher taxes and heavier regulatory burdens, will be significantly weighted in our annual Rating of Congress.

If you have any questions, please contact NTU Government Affairs Manager Andrew Moylan at (703) 683-5700