President Obama, too, says tax reform is vital to fixing the nation’s economy and, perhaps, helping close America’s budget deficit. During the "fiscal cliff" negotiations with House Speaker John Boehner (R) of Ohio, the president tried to get the speaker to take his deal by saying he would endorse corporate tax reform.
Wiping out most of the tax expenditures that help the oil and gas industry would save $38.5 billion over the next decade, the Congressional Research Service (CRS) estimates. Other changes that Democrats desire could add an additional $25 billion in savings over the next decade.
Gerard countered that Congress is focused on the wrong solution. If energy producers had greater access to reserves, the US would reap more than $800 billion in higher tax revenue through 2030 – or $47 billion a year – according to a study by energy research group Wood Mackenzie, Gerard said. He stressed that energy investments are producing economic growth from Pennsylvania to North Dakota.