Raising taxes on energy is harmful to business

As the former owner of a local clothing store who has consistently worked in the international arena, I understand how much businesses depend on affordable energy prices for transportation and other logistics.

Because our economy still is struggling to regain the strength it once had, I am concerned about efforts in Congress to raise taxes on the U.S. energy industry. These proposals would be bad news for Iowa businesses, communities and families, all of which would see energy prices rise.

With the state's unemployment rate stuck at 6.8 percent, Iowans don't need new federal tax policies that could increase the cost of everything from gas to consumer goods.

But that's what may happen if some in Congress succeed in repealing tax credits that American oil and natural gas companies depend on to increase production, hire new workers and avoid being taxed twice on foreign-earned income.

Higher taxes would leave the industry with less to reinvest in expanding operations and employment. That means energy prices likely would rise, increasing the burden on Iowa businesses and families trying to gain traction in an uncertain economy.

Legislation to single out oil and gas companies for higher taxes was turned back earlier in part through the efforts of Iowa's Sen. Chuck Grassley, who opposed the measure. We should applaud his good judgment.

We need more senators to stand with Grassley on opposing legislation that will be harmful to our economy and to support common-sense solutions to job creation.

David Tammel

Cedar Rapids