- Obama’s Proposed Tax on Oil Not Happening
- February 22, 2016
- Law Firm: McDonald Hopkins LLC - Cleveland Office
- While President Obama included a $10-barrel tax on oil in his budget released this week, House Ways and Means Committee Chairman Kevin Brady (R-TX) told a top administration official that the proposal was dead on arrival in the House.
“Don’t spend too much time on it, it is going nowhere fast,” Brady told Treasury Secretary Jack Lew on Thursday.
Lew told the committee that he was prepared to work with Congress on how to move forward on the tax, which would be phased in at $2 per year per barrel. Obama has proposed the tax as a way to pay for his infrastructure projects.
Brady blasted the President's proposal as "absurd."
Brady said the, "good news is that the American people do not have to worry about this horrible idea... I feel confident that I can speak for the 24 Republican members of our committee when I say this tax proposal is dead on arrival."