It’s time for tax reform
Articles have appeared recently suggesting that President Obama may take steps to stop U.S. companies from moving their operations overseas, a practice known as corporate inversions. I think the Administration is losing sight of the bigger picture: the need for comprehensive tax reform.
As Chairman of the Senate Finance Committee, Senator Wyden will be one of the key players in the effort to reform the tax code. In the context of reform, all sectors of the economy should be treated fairly. That’s why I hope the Senator will use his chairmanship as an opportunity to carefully examine persistent calls to raise taxes on U.S. energy companies by denying them credits and deductions generally available to other industry sectors.
A tax increase on U.S. oil and gas companies will result in higher prices for consumers. Those of us in the farm economy are feeling the pinch when it comes to the rapid increase in the price of fuel. Farmers and ranchers are finding it more expensive to acquire the natural gas they need to produce fertilizer for cash crops or feed for livestock. We don’t need more taxes added to the already high cost of energy.
We can all agree that the time for tax reform is now, but reform shouldn’t target one sector of the economy or produce policies that will cost Oregon taxpayers more money.