API president and CEO Jack Gerard said the tax recommendations from the administration’s deficit commission need to be thoroughly debated to ensure that whatever policies are eventually implemented address the deficit with the least impact on the economy.
‘Our industry recognises the importance of the commission’s work and looks forward to participating in the debate over tax and spending policy changes needed to address the deficit. By taking a broad approach to corporate tax reform, the preliminary recommendations of the cochairs appear to open the debate to proposals that hopefully allow US industries, like ours, to continue to spur job creation, domestic energy production, and revenue for critical government services.’
‘Shared sacrifice and rational policies are necessary to address the deficit. We look forward to more closely reviewing and evaluating the full commission’s recommendations and working with all policymakers on new approaches for addressing ballooning deficits while enhancing our energy security and strengthening our economy.’