Lawmakers Slam Janet Yellen Over $110B Energy Tax Hike

March 21, 2024

A group of 24 Republican Senators are calling out Treasury Secretary Janet Yellen for weaponizing the tax code to harm domestic energy production. The letter was spearheaded by Senator John Barrasso (R-WY) and discusses the more than $110 billion in tax hikes directed at domestic energy production, specifically oil, gas, and coal. The senators note that this action will only increase prices for America and our allies.

Fox News reports, 

“The administration has once again doubled down on weaponizing the tax code against U.S. energy producers,” Barrasso and the other senators wrote. “It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security. Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people,” they continued. “America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages.”

Even though green energy only accounts for around 20% of our domestic energy production, this administration continues to give massive tax breaks to the industry while trying to shut down fossil fuel production,

“Meanwhile, the budget comes months after the Department of Energy’s Energy Information Administration (EIA) published a 59-page report showing that the renewable energy sector enjoys significantly larger taxpayer backing than the fossil fuel industry. According to the EIA report, while renewable energy sources like wind and solar power account for about 21% of domestic electricity production, such sources received a staggering $83.8 billion in subsidies, by far the largest share compared to any other category.” 

The Biden administration continues to attack an industry that provides reliable and affordable energy while propping up an unreliable one. These senators were right to call out the Department of Treasury for weaponizing the tax codes.