Posted on 06/12/2012 5:32:30 PM PDT by raptor22
Energy Boom: One state has found a solution to job and economic growth so successful it may eliminate one of the most onerous of taxes. It turns out that, yes, we can drill our way out of our problems.
On Tuesday in North Dakota, a state flush with revenues from oil produced from the Bakken Shale formation it sits astride, voters were deciding whether theirs will become the first and only state not to have a property tax.
If it passes (polls didn't close until after our press time), it ll be the first time a state has eliminated a major tax since 1980. That was when oil-rich Alaska dropped its state income tax as crude gushed from Prudhoe Bay on Alaska's North Slope.
If you can see a pattern here, you're way ahead of President Obama. His argument is that we can't drill our way out of high energy prices let alone out of debt and the need for higher taxes. But it's about to be exposed once again as the self-serving falsehood it is.
Shattering the myth of "peak oil," as Professor Mark J. Perry reports at his Carpe Diem blog, North Dakota pumped another record amount of oil during the month of March at a rate of 575,490 barrels per day.
In so doing, it replaced California as the nation's No. 3 oil-producing state, behind Texas and Alaska. At its current rate of production growth, North Dakota will likely top Alaska sometime this year.
Continental Resources, an Oklahoma-based oil company that operates 10% of the drilling rigs in North Dakota, estimates there are more than 900 billion barrels of oil in place.
Only between 27 billion and 45 billion barrels are actually recoverable with today's technology, but that's still a sizable amount that will only get bigger...
(Excerpt) Read more at news.investors.com ...
I never thought a 100% elimination of private and commercial property taxes could, or should, pass. They should have went for a half or 2/3 reduction and also a limit on future increases.
People understand that there are local expenses to be funded. No property tax would result in state funding of those same local expenses - schools, police, fire, hospital, city hall. State funding will result in state and federal mandatory meddling in local affairs. Fail.
re the rejection of the end of property taxes:
Arrrgh!
I understand the arguments, but, to me, to be enjoy property ownership without the gov’t holding the option of taking my home over unpaid taxes....well, let me simply say this: I guess I wasted a few hours today researching a move to North Dakota.
Any other states, any others? Bueller?
I just love IBD. You'd never catch the WSJ referring to every word out of The Won's teleprompter as "the self-serving falsehood it is."
He claims he doesn't believe "Drill, baby, drill", but he's lying as usual.
Perfect analysis. Thank you.
Pollsters will tell us later on, but I'm guessing that taxpayers in ND preferred that severance tax flows go to state debt retirement instead, and that the flow of royalty money to property owners (them) be unimpeded by state calls on the revenue stream. Just guessing.
Either way, people with the funny accent that folks made fun of just a few years ago (Fargo, Sarah) will be debt-free in just a few years more -- hell, months maybe.
We’ve seen quite a few obfuscations of the issue, because most people with time and money for politics are dependent on government for their incomes. Property taxes go to the states and are, in part, administered by the states.
We’ll continue to be outnumbered and “outclassed” in politics by socialists in both parties and in every level of government (including local socialist regulators), until government is forced to cut spending by bond collapse, repudiation and currency readjustment. Become more self-sufficient. Avoid buying anything that you don’t really need.
Note to New York: FRACKING YOUR WAY TO FRICKING PROSPERITY!!!
Dear censor, please point out the objectionable portion of the above.
A few years ago I paid off my house. I own it free and clear? Actually NO,the County owns it and I have to pay rent(property taxes) on it forever.
The “Moderator” found my comment (#2) objectionable and censored it. Any idea why?
Imagine, being able to retire with no fear that the government will come take your house because you can’t pay them their yearly rent. One of the worst taxes ever invented.
Save “income” taxes, which is legalized slavery. After all, what belongs to a man more than the fruit of his labor/creativity?
Yes, both taxes are equally reprehensible. Taking your property because you can’t pay bi-yearly tribute to the “king” and taking your money simply because you earned it,are both taxes from hell.
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