While on the campaign trail, Donald Trump promised to revive the coal industry and after he took power, he signed an executive order rolling back a temporary ban on mining coal and a stream protection rule that was imposed by the Obama administration. Trump vowed to bring back thousands of mining jobs in struggling rural areas. “I made them this promise,” Trump said, “we will put our miners back to work.”
That was then and this is now.
Coal CEO Robert Murray, a fierce supporter of Trump’s, warns that if the Senate version of tax reform is enacted by the current occupant of the White House, he will be destroying thousands of coal mining jobs in the process.
Murray said the Senate legislation will raise Murray Energy’s taxes by $60 million a year, “notwithstanding the other so-called benefits the Senate has proposed,” CNBC reports.
“This means that very capital-intensive, highly leveraged employers, like coal-mining companies, will be forced out of business, with tragic consequences for our families and for many regions of our country,” Murray said.
“We won’t have enough cash flow to exist. It wipes us out,” Murray told CNNMoney in an interview on Tuesday.
“This wipes out everything that President Trump has done for coal,” said Murray, the head of one of America’s largest coal companies.
Murray warned that a bankruptcy of his Ohio-based company would hurt its 5,500 employees along with their families. Asked if other coal mining companies could go out of business, he said: “Most certainly.”
Murray hosted a fundraiser for Trump during the campaign. And today, Murray warns that the GOP tax plan will ‘wipe out’ coal mining jobs.
Who saw this coming? Besides all of us. Trump supporters have been suckered.
Image via screen capture.