In citing some of his efforts in Congress, Oklahoma U.S. Sen. James Lankford pointed recently to protecting Oklahoma energy companies from what he labeled as”unfair taxes.”
The Senator says the unfair taxes arose from the efforts of Democrats who allow restaurants, repair shops or other store operators to deduct normal business expenses, but not for oil and gas companies.
“—the Democrats’ so-called Inflation Reduction Act attacked oil and gas companies by taking away their ability to deduct their normal business expenses, which has led to a tax increase and higher energy costs for Americans,” explained the Republican Senator in a recent newsletter to constituents.
“Higher energy prices hurt every family. I introduced a bill that will restore basic tax fairness to energy businesses, encourage stable energy production and lower energy prices for everyone.”
CLICK HERE to read his bill.