The CEO of Murray Energy, one of the nation’s largest coal companies, tore into the Senate tax-reform bill, saying late changes to the bill would “wipe out” coal mining jobs.
CEO Robert Murray, a fierce supporter of President Trump, said Tuesday that the proposed tax increases on coal mining firms that would result from the changes to the bill would cancel out the progress that 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 current version of the tax bill would preserve the Alternative Minimum Tax (AMT) and impose new limits on the interest payments that businesses can write off, changes Murray Energy estimates would raise its tax bill by $60 million per year.
The Hill adds:
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.