Via Dan Mitchell we see this video from the Center for Freedom and Prosperity, offering seven reasons why higher taxes are a bad idea.

1. Tax increases are not neededThe oil and natural gas industry already pays taxes at a higher effective rate than most other industries. As API's Brian Johnson notes:

According to data found in the Standard & Poor's Compustat North American Database, the industry's 2010 net income tax expenses -- essentially their effective marginal income tax rate -- averaged 41 percent, compared to 26 percent for the S&P Industrial companies.

2. Tax increases encourage more spendingThe administration's actual stated reason for increasing energy taxes is for the federal government to spend it on energy technologies it chooses. The oil and natural gas industry already... more »

The White House released its 2011 budget proposal today, containing several new taxes on the oil and natural gas industry.

Among the administration's proposals are tax hikes on:

• Domestic oil and natural production amounting to about $36.5 billion;
• Dual capacity and international tax changes estimated at $8.5-12 billion;
• Repeal of the LIFO (last-in, first-out) accounting practice, which is likely to cost the industry between $23-26 billion; and
• The reauthorization of Superfund, which could cost oil and natural gas companies approximately $9.4 billion.

These tax increases could add roughly $80 billion to the industry's tax bill, making the production of oil and natural more expensive. And they're being proposed at a time when the effective tax rate for the industry has been around 53 perce... more »