Administration’s new budget targets U.S. minerals mining

Announced this week, the administration’s proposed FY2013 budget includes two sizeable new taxes on minerals mining. These misguided proposals would make U.S. minerals production less attractive to investment, increase our reliance on mineral imports from countries like China, and ultimately penalize an American industry that’s creating jobs and aiding economic recovery.

The budget proposal includes a 5 percent gross royalty on minerals production—the same proposal that was defeated in Congress last year—as well as the “Dirt Tax,” which taxes mining companies not on the minerals they produce, but for simply moving dirt and rocks while doing business.

These taxes would no doubt damage U.S. competitiveness and make our nation more dependent on foreign sources of minerals to meet our manufacturing, technology and national security needs.

Read more here (via E&E News).