Schumer Reveals: Republican Plan Would Raise American Families’ and Small Businesses’ Energy Costs By A Whopping 10% and Slash Nearly 800,000 Jobs Across The Country

New York, N.Y. – As Republicans push forward with their tax scam, Senate Democratic Leader Chuck Schumer (D-NY) revealed the cost to the average American family and small businesses, including higher energy costs and the loss of nearly 800,000 jobs over the next five years. 

“As American families and small businesses struggle to navigate the economic chaos of Trump’s tariff tax and rising inflation, Republicans push forward with their cruel tax scam that will skyrocket energy prices, stymie American innovation, and push American jobs offshore,” said Leader Schumer. “The depravity of this legislation knows no bounds, as Republicans work to slash taxes for the corporations and billionaires that line their pockets, they pay no mind to the fact that American families will see their energy costs go up by hundreds of dollars and small businesses will have to figure out how to build in thousands in extra costs. Despite Trump claiming this plan is ‘America First,’ the Republican plan instead raises taxes on clean, American-made energy, crushing innovation and killing jobs. This is a complete capitulation to Big Oil at the expense of families and the American worker.”

Study after study shows the Republicans’ plan will raise costs for seniors, veterans, small businesses, manufacturers, and families. One of the most conservative of those studies showed that small businesses in America will see a 10% increase in electricity prices next year, a cost that’s likely to be passed straight onto consumers. That is on top of 13% increase in electricity prices small businesses have experienced in the last few years, owed largely to Russia’s invasion of Ukraine. Another report estimates that the Republican plan will increase gasoline prices by as much as 37 cents per gallon, again on top of already high gasoline prices connected to inflation and Russia’s invasion. With the average small business spending $1,760 on electricity and $2,450 on gasoline in 2023, the Republican plan will spell disaster for main street and your pocketbooks.

The Republicans’ plan to raise taxes on energy will jeopardize more than $600 billion in private investment in domestic clean energy made in the past three years that has created more than 400,000 jobs. The strategic energy incentives the Republicans are trying to repeal are set to spur hundreds of billions of dollars in additional investments in the coming years, creating hundreds of thousands of additional jobs – both in manufacturing energy system components and in building energy infrastructure. One study estimates that the Republican plan will cost about 790,000 jobs in 2030. Another study anticipates 130,000 net jobs lost in the automotive sector alone by 2030 under the Republican plan.

The facts are clear: Republicans are raising taxes on energy, and that means higher costs for you and for small businesses in your community, at the expense of domestic manufacturing jobs and investments, all to pay for tax cuts for billionaires and corporations.

###