Uh-Oh for Grassley

Ed Morrissey at Captains Quarters has a here about a new Baucus-Grassley bill in the Senate that would raise taxes on publicly traded partnerships. The Wall Street Journal has a piece about it here, and the American Conservative Union has come out against it. The WSJ piece reports that Mitt Romney has said he opposed the bill.

A second link to Captains Quarters discusses another bill that Baucus and Grassley has introduced that would increase taxes on oil companies by $29 billion and use that money on more clean energy and energy conservation. He links to a Houston Chronicle piece on the bill. It wouldn't surprise me it the costs of these new taxes will be passed on to the consumer. The Heritage Foundation has a page up highlighting what gas prices are projected to be under this bill in 2016 (Iowa--$6.50 a gallon). The Houston Chronicle piece quotes Grassley:

But Sen. Chuck Grassley of Iowa, the Finance Committee's top Republican, said, "We have entered a new era in energy markets ... (that) requires a dramatic shift away from tax incentives for oil and gas production" and toward support for other energy sources and efficiency.

and also saying:

Grassley said the "narrow change" in tax policy "seems likely to have little if any effect on domestic production" or the price of gasoline at the pump.

This will be something to keep an eye on and see what happens.

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