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Coal CEO: Senate tax plan 'wipes us out'

Coal CEO Robert Murray warns that if the Senate version of tax reform is enacted by President Donald Trump, he'll be destroying thousands of coal mining jobs in the process. "We won't have enough cash flow to exist. It wipes us out," Murray told CNNMoney in an interview on Tuesday.Murray, a fierce supporter of Trump's efforts to revive coal, condemned the Senate bill as a "mockery" that would inflict a devastating tax hike on beleaguered coal mining firms as well as other capital-intensive companies.The tax bill the Senate passed last week would help companies by lowering the corporate tax rate, but it also eliminates some tax breaks.For coal companies, it could be a double-whammy. It would preserve the Alternative Minimum Tax (AMT) and impose new limits on the interest payments that businesses can write off. Murray Energy estimates that these changes would raise its tax bill by $60 million per year.

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Northwest Arkansas News