Today, Americans for Tax Reform released a coalition letter signed by 60 national and state think-tanks, advocacy groups, blogs and other organizations (including Red State.com) who are opposed to the so-called “Gang of Ten” bi-partisan energy compromise.
Why are the nations leading national and grassroots advocacy groups opposed?
Well…because the compromise is nothing short of a complete failure of Senate Republicans to support their House GOP counter-parts while being completely void of anything that could pass as comprehensive, fiscally sound energy policy.
While the House Republicans are actually doing something and fore-going their summer recess to demand a vote on drilling, the Senate skirts the issue of full OCS drilling and instead raises taxes on oil companies to the tune of around $30 billion.
Specifically, the five Republican Senators who comprise this “Gang of Ten” are signing their name to a Section 199 repeal, which is a tax increase. How much? Well, we don’t know yet because no one has seen the language.
But, you can be certain that if there is not a significant offset and the Sec 199 repeal does indeed result in a net income tax increase, that [Grover Norquist](http://www.atr.org/home/about/index.html) will be watching as every single one of the five Republicans have signed the [Taxpayer Protection Pledge] (http://www.atr.org/pledge/index.html) which promises not to raise taxes.
I’m no genius, but I wouldn’t break my pledge in the middle of an election year. Lest we not forget Pledge-signer and Pledge-breaker Bush-41 and we all know what happened there.