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CEO says late changes to Senate tax-cut bill ‘wipes out' what Trump has done for coal
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.
The fight over the alternative minimum tax will be an issue in the House-Senate conference. The House bill repeals the tax.
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.