Joe Biden has unveiled his budget for Fiscal Year 2024. To his credit, it is coming out much earlier than we usually see, which will give Congress plenty of time to debate it.
However, the budget is fantasy in terms of utterly ridiculous spending and taxes, his budget will never pass.
One thing in particular that Congress will never approve is the outright war that Biden is declaring on the fossil fuel industry.
It's War
In his budget, Joe Biden wanted to strip the "special tax treatment" that the government gives the fossil fuel industry. This comes to what Biden believes is about $31 billion, reports Reuters.
The White House stated, "The President is committed to ending tens of billions of dollars of federal tax subsidies for oil and gas companies. Even as they benefit from billions of dollars in special tax breaks, oil companies have failed to invest in production," reports Fox News.
"In 2022, they realized record profits and cut their investment as a share of operating cash flows to the lowest levels in decade, while undertaking record stock buybacks that benefited executives and wealthy shareholders. The Budget saves $31 billion by eliminating special tax treatment for oil and gas company investments, as well as other fossil fuel tax preferences."
He says that, but at the very same time, the administration brags about oil and gas reaching record production levels. During a recent conference, Energy Secretary Granholm even applauded the industry for stepping up to increase production to level and stabilize the global market.
Additionally, the administration was forced to admit that it made a mistake on the "9,000 unused permits" claim that Biden has been touting from his first day in office.
Mike Palicz, the federal affairs manager at Americans for Tax Reform, stated, "The claim that they're going to get $31 billion from just repealing oil and gas subsidies is obviously absurd.
"The Inflation Reduction Act already raised taxes on energy — $20 billion of energy tax hikes in place for next year. Biden's back here saying they will get $31 billion more from tax increases on oil and gas. All things are going to be passed on to consumers in the form of higher utility bills, energy costs, price of gasoline."
He went on to say, "What they don't do in the budget documents we have so far is name a single oil and gas subsidy. They don't do that because there really isn't one.
"Talking about the unfair advantage or leveling the playing field for green energy, again, we just passed [the Inflation Reduction Act] with $400 billion worth of green energy crap in it."
Daniel Turner, the executive director of Power the Future, added, "Joe Biden has drained our strategic reserve, made dirty deals with dictators for oil and now he wants to attack American workers and families by raising taxes on energy.
"With this budget continuing to punish our energy industry one thing is clear now more than ever: President Biden cares more about the radical green agenda than the well-being of the American people."
This is the nonsense that I am talking about… why not just put the industries on a level playing field and allow them to work together rather than treating one different from another?
Biden is going to try to crush the gas and oil industry, but we are the ones that will end up paying for it.
This budget has a snowball's chance in hell of going through, but it just goes to show you where Biden's head is at… right up his…
