This is awesome:
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, 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 President Trump has made on reviving the coal industry, according to CNN.
“We won’t have enough cash flow to exist,” Murray told CNNMoney. “This wipes out everything that President Trump has done for coal.”
The Senate amended its version of the bill last Friday to keep the alternative minimum tax for businesses in order to pay for other changes to the bill — including a more generous deduction for pass-through businesses and the allowance of a property tax deduction for individuals of up to $10,000.
But keeping the alternative minimum tax, and the imposition of new limits on the interest deductions that businesses can mark off, would cost Murray Energy $60 million in taxes, Murray told CNN.