Tax reform must be balanced effort

Tax reform has been in the public policy debate for some time.

Of the many policies up for discussion, President Barack Obama is proposing a new energy tax policy. His proposals are troubling for a variety of reasons. Not only is this policy specifically targeting American energy producers, but the president's plan also will discourage continued growth for these companies.

With any company, a stable and predictable tax environment presents great opportunities to expand operations and hire more employees.

Competitive cost structures allow for more growth. Currently, oil and gas companies pay an average tax rate of 41 percent, while other industries in the S&P pay around 26 percent. Not to mention, more than 9.2 million Americans are employed by domestic energy companies.

Tax reform needs to be a balanced effort where all companies are considered instead of arbitrarily targeting an industry that not only pays more than many others, but also keeps our nation globally competitive.

Not only will this impact the country as a whole, but Iowa consumers will feel the impact at the pump.

In a delicate economy where Iowans need to have a predictable expense outlook, spending more and more on energy and gas means less on savings, investment and other expenses.

Tax reform must be a balanced approach without targeting one industry responsible for impacting our lives so directly.

Brad Canfield

President

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