Republicans want to lower Palin's tax increase in Alaska

The Hill ^ | March 18, 2011 | Christian Heinze

[EveningStar]

One of Sarah Palin's most significant energy policies is in danger of being reversed -- and by Republicans, no less.

Alaska Gov. Sean Parnell (R) is supporting Republican efforts to lower taxes on oil companies. Palin had raised them in what the New York Times called a "major oil tax increase".

[nhwingut]

in what the New York Times called a "major oil tax increase"

Enough said.

This wasn't a tax per se like a gas tax in New Jersey. Alaska is an oil rich state, and she worked a deal to make the citizens shareholders - as for years the Murkowskis and the oil company cronies ran the state... and used and abused its natural resources as their own piggy bank.

Now that she's gone, the Murkowski Mafia and the Oil cronies are back in control. And the governor sees the writing on the wall, hence the so called tax cut to oil companies.

[Rational Thought]

From the article;

Of course, it's ironic that one of Palin's signature legacies in the state is a tax increase -- something she understandably doesn't talk much about these days.

No bias here at all .

Here is the truth on that legislation;

www.Free Republic.com

[EveningStar]

in what the New York Times called a "major oil tax increase"

Enough said.

This wasn't a tax per se like a gas tax in New Jersey. Alaska is an oil rich state, and she worked a deal to make the citizens shareholders - as for years the Murkowskis and the oil company cronies ran the state... and used and abused its natural resources as their own piggy bank.

Now that she's gone, the Murkowski Mafia and the Oil cronies are back in control. And the governor sees the writing on the wall, hence the so called tax cut to oil companies.

---

When it comes to the art of rationalization, it's pretty hard to top a Palinista.

[elpadre]

As I recall, the tax increase was put into place so as to give Alaskans a piece of the action. If this the same tax to which I refer, she said that since the oil companies were taking oil from the Alaskan soil, that those who resided in the land should have some return which they received from the tax. Usually when you think of tax you think of money taken from people and corporations and given to the government. In this case it a portion of profits going to the land owners. Am I missing something here??

[lewislynn]

Republicans want to lower Palin's tax increase in Alaska

So who's stopping them?

Oh, I get it pissant. It's not about the tax, it's about Palin. And your like minded Palin despising NY Times loves taxes, except when Palin raises them.

I wonder if when they reduce the tax they'll also reduce the checks to Alaskan citizens? Or maybe some of you Palin hating dimwits didn't know that's where the money goes.

Hey all you freeloading Alaskans receiving that dirty Palin oil money...send it back.

[EveningStar]

Oh, I get it pissant.

pissant?

[wtc911]

There was already a royalties scheme in place that gave each Alaskan over a grand per year. There was already a State tax on the oil. What palin did was layer an additional windfall profits tax on top of those existing fees and taxes.

The President of BP Canada said publicly that her tax brought the total share of the state to 75%. He also said that this excessive taxation caused BP to cyr back on their Alaska operations and to increase activity in areas that were more business friendly.

At the time that palin imposed the windfall profits tax the GOP in DC was stopping the same thing on the Federal level and our dear leader was proposing one as part of his campaign platform.

[curth]

Extra Extra, Read all about it.

http://www.freerepublic.com/focus/f-news/2691083/posts

[wtc911]

I don’t read the Times nor do I credit any one else’s interpretation of events that I can research for myself. You may of course reach your opinions any way you want.

[curth]

Well let me tell you that you’re doing a fine job.

[Melas]

That was Governor Jay Hammond in 1976. Alaskans have getting checks since Palin was a teenager, but I find it fascinating that her fans give her credit for the deal.

[elpadre]

I wasn’t aware of that. What, then, is the tax in question?

[Kickass Conservative]

Read Palin’s Facebook page. She explains the whole thing.

[Chaguito]

Since referenced article are Palin’s own words, don’t you think they at least deserve passing attention as part of your research?

[wtc911]

the referenced articles are about the palin windfall profits tax and the pipeline. There is nothing new about either issue. The facts are what they are and I researched them months ago....have you?

[wtc911]

The tax in question is the windfall profits tax that Palin imposed on oil companies drilling on Alaska state land.

There was already a royalties scheme in place (a per barrel fee) as well as an existing state tax on the companies. The new tax was layered on top of it and is pegged to the price of oil per barrel on the global market. The base line is $25/Barrel. Anything above that gets hit with an additional tax. If the price rises above $52/Barrel then an additional 2% per dollar above that point is levied on net profits.

The President of BP Alaska stated publicly that the windfall tax brought the cost of taxes and fees to 75% of revenues. He further stated that the tax was causing his company to cut back Alaskan activity in favor of investing in more business friendly areas.

IOW...just like everywhere else, higher taxes drive business away.

[FreeReign]

There was already a royalties scheme in place (a per barrel fee) as well as an existing state tax on the companies. The new tax was layered on top of it...

That is incorrect. There was no additional layer. Palin's ACES tax replaced a previous Petroleum Profits Tax that was passed one or two years earlier that was considered too generous by some of the the people who owned the resourses. Palin's petroleum profits tax was on average about 2.5% higher than the preivious PPT and it was considered in the mid range in comparison to the earlier decreasing ELF tax.

ACES was not a new layer of taxes.

[McGruff]

There was already a royalties scheme in place that gave each Alaskan over a grand per year

Gee. I wish my state had one of those risky schemes.

[FreeReign]

ACES was not a new layer of taxes.

I should clarify that ACES repealed and replaced in some cases and amended in other cases the existing PPT tax code.