A Great Day for Taxpayers
We’ve been hearing about tax reform for months now. Politicians keep talking about eliminating loopholes and lowering rates, but no comprehensive bills have been introduced. Until now.
Congressmen Mike Pompeo (R-KS) and Raul Labrador (R-ID) have introduced H.R.3308, the Energy Freedom and Economic Prosperity Act (EFEPA), a bill which should serve as the model for tax reform. This bill does not play favorites with the tax code, in fact it removes favoritism. H.R.3308 ends all energy tax credits and lowers the corporate tax rate, so that no industry will receive a tax hike but so that tax payers will no longer foot the bill for corporate handouts. From Congressman Pompeo:
“For decades, the federal government has provided billions of dollars in energy tax subsidies—which do nothing more than pick “winners and losers” in the private marketplace. Wind, solar, biomass, and other sources of energy all have shown great promise, but it is high time for energy sources to demonstrate their value on the open market—without government interference.”
This bill not only removes subsidies for wind and solar, but also for traditional forms of energy like oil and gas. Why? Because this bill does not play favorites with energy industries. It serves to level the playing field so that all forms of energy have the same opportunities. Heritage Action’s CEO, Michael Needham issued a statement on the bill:
“Heritage Action is proud to stand shoulder to shoulder with Congressmen Pompeo and Labrador, who are once again taking the lead on this very important issue. Ending wasteful, market-distorting tax subsidies isn’t popular with the Washington Establishment, but it is a necessary step if we are serious about reforming our tax code and restoring market-based principles to our nation’s energy policy.”
This bill should not be controversial. Politicians keep talking about exactly this kind of tax reform; it’s time for them to stop talking and to start taking action.