This is an industry specific tax that they simply reduced?
Yes, this is called the gross production tax which is in addition to royalties and income and property taxes. To my limited knowledge, no other industry pays taxes on gross volume, only profits after costs.
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Why is the petroleum industry targeted for special/unique taxes?
Because big oil has lots of money and can afford it, don’t ya know. That’s why grandma has the oil company stock, because she can afford to pay more taxes.
Extra taxes on oil/gas are the normal in most locations. In Alaska, only oil/gas property pays property tax to the State. All other property is only taxed by the local municipality, which oil/gas pays as well. They never quit squeezing the golden goose.
I always find claims of government subsidy to oil/gas companies laughable. In reality, oil companies subsidies government; typical government take is 2~4 times the profit kept by oil/gas companies.
I suspected that and had heard about it, but you know about “hearing” about things. I like it straight from the horse. Thanks and I appreciate your postings as always.