Alexandria, VA – Chairman James L. Martin of the senior advocacy group 60 Plus Association voiced strong opposition today over the proposed funding source for a Congressional jobs bill. The bill’s co-sponsors, Sens. Susan Collins (R-ME) and Claire McCaskill (D-MO) introduced the bill in the run-up to the year-end deadline for extending tax cuts enacted by the Obama administration. The Senators call for the elimination of tax credits meant to encourage domestic energy production and job growth as one way to fund the tax extension, a measure that has been summarily rejected by Congress on numerous occasions.

“The Bipartisan Jobs Creation Act” unveiled by Collins and McCaskill is a “bad piece of legislation, plain and simple,” Martin said, adding, “by raising taxes on energy-producing U.S. companies, the bill would increase home heating and fuel costs on all Americans, having an especially devastating impact on seniors living on a set budget. It’s no secret that millions of Americans have come up well short of projections on their long-term investment portfolios, forcing them to work longer than planned and live more modestly than pre-recession expectations. Increasing energy prices would only add to their financial problems,” Martin emphasized.

“Instead of singling out U.S. oil and natural gas firms for tax increases, Congress should encourage increased domestic energy production from these companies to help force rising global prices to a more manageable level,” stated Martin. “Recent discoveries and technological developments have made the U.S. one of the most oil and gas abundant nations in the world, a status that should allow Americans to have steady, affordable gas prices. Measures to cripple U.S. companies, increase gas prices, and leave the country more reliant on foreign energy are wholeheartedly misguided.

“Seniors who have worked their entire lives to retire in comfort are in serious trouble if Congress starts intentionally inflating U.S. energy prices with wrongheaded measures like increased oil and gas taxes, as laid out in Sens. Collins and McCaskill’s plan. We strongly oppose this bill, and would think most Americans dealing with a tight budget feel the same way,” concluded Martin.

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