Coal CEO Says Trump’s GOP Tax Bill ‘Wipes Us Out,’ Will Destroy Thousands Of Mining Jobs
According to CNN, the CEO of one of the nation’s largest coal companies ripped the Senate tax-reform bill, saying late changes to the bill would “wipe out” coal mining jobs.
Robert Murray, the founder and CEO of Murray Energy, said Tuesday that the tax hike on coal mining firms that would result from the changes would cancel out progress that Donald Trump has made on reviving the coal industry.
“We won’t have enough cash flow to exist,” Murray told CNNMoney. “This wipes out everything that President Trump has done for coal.”
The tax bill the Senate passed last week would help companies by lowering the corporate tax rate, but it also eliminates some tax breaks.
For coal companies, it could be a double-whammy. It would preserve the Alternative Minimum Tax (AMT) and impose new limits on the interest payments that businesses can write off. Murray Energy estimates that these changes would raise its tax bill by $60 million per year.
The House bill eliminates the AMT, something that would save Murray Energy and other companies money. The AMT prevents companies from claiming so many tax credits and deductions that they owe Uncle Sam nothing at all.
Trump campaigned heavily on revitalizing the coal industry in the U.S. and has made moves to roll back regulations, particularly Obama-era rules related to climate change, that the coal industry has opposed.
Murray has been supportive of Trump’s efforts, telling CNN, “I know he cares about the coal miners and their jobs.” Murray held a fundraiser for Trump in June 2016.