Cornyn: Tax Increases Will Cost All Americans At Gas Pump

In: All News   Posted 06/21/2007

WASHINGTON—With the strong support of U.S. Sen. John Cornyn (R-Texas), the Senate today defeated a proposal by several Senate Democrats that would have increased gas prices and done nothing to reduce America’s dependence on foreign oil.  Sen. Cornyn voted against ending debate on a $32.1 billion energy tax increase amendment to the Senate energy bill (H.R. 6) sponsored by U.S. Sen. Max Baucus (D-Mont.).“At a time when gas prices are at a record high and American families are suffering with rising costs, it is inconceivable to me that the response by some is to raise taxes.  That is the last thing we should be doing,” Sen. Cornyn said today.  “By raising taxes, we would be empowering our foreign competitors, increasing America’s dependence on foreign oil and driving prices at the pump even higher.”According to a report released this week by the Heritage Foundation, inclusion of the proposed tax increases in the Senate energy bill “reveals that the bill could increase the price of regular unleaded gasoline from $3.14 per gallon (the early May national average) to $6.40 in 2016--a 104 percent increase.” “Enormous tax increases on domestic energy companies will cost all Americans.  Not only would this proposal hike gas prices for all Americans, but it would also harm U.S. jobs and America’s ability to remain competitive in the global marketplace.  Moving forward, Congress must remain focused on reducing our dependence on foreign oil, while protecting the environment and maintaining affordable energy prices for working families.  Passage of this amendment today would have had the exact opposite effect and I was proud to have helped defeat it,” U.S. Sen. Cornyn concluded.Sen. Cornyn serves on the Armed Services, Judiciary and Budget Committees. In addition, he is Vice Chairman of the Senate Select Committee on Ethics. He serves as the top Republican on the Judiciary Committee’s Immigration, Border Security and Citizenship subcommittee and the Armed Services Committee’s Airland subcommittee.