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6%  
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Keyword: oilfirms

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  • Oil firms vow to fight Schwarzenegger's tax proposal (9.9% state tax, every barrel pumped in state)

    11/07/2008 9:34:27 AM PST · by NormsRevenge · 26 replies · 1,109+ views
    LA Times ^ | 11/7/08 | Marc Lifsher
    Reporting from Sacramento -- California oil producers vowed Thursday to wage an all-out lobbying battle against Gov. Arnold Schwarzenegger's call for a 9.9% state tax on every barrel of crude pumped out of the ground. The governor said the tax was an important part of a budget-balancing solution at a time of economic crisis in the state. But the oil industry warned it would mean higher gasoline prices during a recession. Schwarzenegger calls for sales tax hike,...The governor asked for the levy as part of a package of proposed new revenues aimed at raising $4.7 billion to fill about half...