ACC: Deficit Plan Could Derail Chemical Industry Investment

By Chemical Processing Staff

Sep 21, 2011

President Obama’s proposal to cut the federal deficit by $3 trillion over the next 10 years could cost the chemical industry 400,000 jobs, says American Chemistry Council (ACC) CEO Cal Dooley.

The plan proposes reinstating $18.7 billion in Superfund taxes, including an excise tax of 9.7 cents per barrel on crude oil and imported petroleum products and an excise tax on other chemicals.

“A trillion and a half dollars in new taxes on the very businesses and industries and individuals that drive our economy is no way to grow jobs,” Dooley says.

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