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February 27, 2008 #1
Congressman Zach Wamp said Wednesday he voted against the Renewable Energy and Energy Conservation Tax Act of 2008 "because it includes a roughly $18 billion tax increase on American energy."
The bill passed the House by a vote of 236 to 182.
Congressman Wamp said, “This is no way to provide energy independence. In no way does this bill create new sources of energy, and in fact, may take a step backward by increasing our dependence on foreign nations for our energy.
“From my position as the co-chair of the House Renewable Energy and Energy Efficiency Caucus, I have a long history of supporting tax credits to encourage the production of energy from wind, solar, biomass and other renewable sources, tax incentives for energy-efficiency improvements to new and existing homes and commercial buildings, and incentives for the purchase of energy-efficient equipment and appliances. These incentives are a pivotal part of a path toward energy independence.
“However, we cannot create new energy sources by taxing the domestic producers in the energy industry. Some experts are predicting that gasoline prices could approach $4 per gallon by spring, and adding nearly $18 billion in taxes on the energy industry certainly will not help bring prices down. If anything, these costs will likely be passed on to cash-strapped consumers. We need an energy bill that will increase our domestic energy supply, not help energy producers overseas or encourage domestic producers to move their jobs out of the country.”
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