Report: Obama's tax increase on oil and gas would cost thousands of jobs

President Obama's proposed tax increases on oil and gas companies would cause over 154,000 workers to lose their jobs, according to a new report by Louisiana State University economist Dr. Joseph Mason.

The report also finds that Obama's proposal would reduce economic output by $341 billion and create over $68 billion in lost wages nationwide.

"Though politicians think they are selectively targeting 'Big Oil' with these energy tax proposals, they would actually devastate thousands of small American businesses nationwide as well as the workers who depend on them," Mason said in prepared remarks. "With at least 150,000 U.S. jobs at stake — in fields ranging from healthcare to real estate — it's clear that the cost of repealing Section 199 and dual capacity far outweigh the potential benefit of increased government revenues that may be derived from the proposal."

Obama recently proposed paying for his $50 billion plan to improve the country's infrastructure system by increasing taxes on the oil and gas industry.

Mason points out that if Congress follows through on his plan, the effect might be worse than his calculations because his estimates do not include how individual investors would be affected by the tax increase.