ACC: Deficit Plan Could Derail Chemical Industry Investment

Sept. 21, 2011
Association says energy and Superfund taxes are detrimental to U.S. chemical industry.

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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