WASHINGTON – Today, Senator Mike Lee introduced a bill that restores free-market competition to America’s energy sector by eliminating all tax credits for both renewable and traditional energy sources. The “Energy Freedom & Economic Prosperity Act” also reduces tax rates to ensure no new burdens are added to the responsible development of America’s energy resources. Sen. Lee’s bill is a companion to legislation originally sponsored by Rep. Mike Pompeo in the House, which has 34 cosponsors.
“Washington should not be using taxpayer money to pick winners and losers in the energy industry,” said Lee. “Consumer-driven, free-market competition provides a much better way to ensure Americans have access to reliable, affordable energy. The Energy Freedom and Economic Prosperity Act would level the playing field for all energy producers, forcing them to compete for consumer dollars rather than political favors.”
Congressman Mike Pompeo said: “American families shouldn’t have to subsidize energy companies when they’re having trouble enough paying their utility bills. Companies should have customers, not political patrons. With Sen. Lee’s leadership in the Senate on this important measure, we can eliminate insider deals on energy policy and save money for families across the country.”
The “Energy Freedom & Economic Prosperity Act” has received support from the American Energy Alliance, Americans for Prosperity, Americans for Tax Reform, the Club for Growth, Council for Citizens Against Government Waste, Freedom Action, Heritage Action, National Taxpayers Union, 60 Plus Association, and Taxpayers for Common Sense.