U.S. Tax Code Reform Proposes Detrimental Oil Industry Changes

摘要

Legislation to fix the U.S. tax code would lower tax rates while making the code simpler and fairer for families and job creators, contends House Ways and Means Committee Chairman Dave Camp, R-Mi. However, oil and gas industry spokesmen reply that it also could make marginal wells uneconomic, impede smaller oil companies' ability to raise capital, and stunt industry job growth. Camp says his Tax Reform Act of 2014 will spur stronger economic growth, create jobs and return money to taxpayers' pockets. Based on an analysis by the nonpartisan Joint Committee on Taxation, Camp says his proposal would have a range of impacts without increasing the federal deficit: 1. The United States would create as many as 1.8 million new private sector jobs. 2. About 95 percent of filers would get the lowest possible tax rate simply by claiming the standard deduction. There would be no need to itemize or track receipts.