NEW OBAMA ENERGY TAX PROPOSAL – also bad for America!

Rumors abound in Washington that the Democrats are planning a “lame duck” session of Congress after the elections in November to pass some of the most unpopular parts of the Obama agenda, including card check, tax hikes, and even a national energy tax.  Though Democrats are expected to suffer large losses in the upcoming election, a new (presumably Republican) majority would not take office until January.  That would give Harry Reid and Nancy Pelosi a short amount of time to ram through the proposals Obama wants but knows will hurt Democrats if they pass them before the election.
 
One of the most outrageous proposals to come out of the Obama administration is a new plan to change how foreign income is taxed for energy companies.  Currently any American company that does business overseas is required to pay taxes on foreign income, but they’re allowed to deduct the income taxes they pay to foreign governments.  The President’s new 2011 budget proposes to change that provision just for energy companies by no longer allowing the deduction.
 
The result would be disastrous.  Energy companies based in the United States would face income taxation from foreign countries and pay a second tax on that same income from our own government.  That would give a huge competitive advantage to foreign energy companies, especially the state-owned energy giants in China and Russia.  We would effectively be pricing ourselves out of competition in many overseas energy markets.  Jobs that should be going to Americans will be shipped overseas, and we’d be more dependent on foreign suppliers to meet our energy needs.
 
And why are they doing this?  Could it be yet another proposal to weaken our existing energy system in order to make expensive alternative energy sources more competitive?  That type of market manipulation will increase energy prices for everyone and kill American jobs.
 
The President’s proposal to change how foreign income is taxed for American companies will have a direct impact on Montana, where a large part of economy is directly involved in energy production.
 
Max Baucus and Jon Tester need to hear that Montanans do not want a lame duck session in Congress where a liberal majority can force-feed the American public policies they obviously don’t want.  We need you to take action.  Below is a list of both Senators field offices–please take a moment to call the nearest office to you and give your opinion on the new Obama proposal to change foreign income taxation for American energy companies.
 
Senator Tester
jon.tester@senate.gov
Billings – 252-0550
Bozeman – 586-4450
Butte – 723-3277
Great Falls – 452-9585
Helena – 449-5401
Kalispell – 257-3360
Missoula – 278-3003
 
Senator Baucus
max@baucus.senate.gov
Billings – 657-6790
Bozeman – 586-6104
Butte – 782-8700
Great Falls – 761-1574
Helena – 449-5480
Kalispell – 756-1150
Missoula – 329-2123

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