Thread: Sarah Palins windfall oil tax hikes

Alaska Gov. Palin to sign oil tax hike bill Wed.
Wed Dec 19, 2007

Alaska Gov. Palin to sign oil tax hike bill Wed. | Reuters


ANCHORAGE, Alaska, Dec 19 (Reuters) - Alaska Gov. Sarah Palin was expected later Wednesday to sign a tax bill that boosts taxes on the state's oil producers despite warnings from the industry that the measure will hurt future investment.

The measure replaces legislation passed in 2006 that many Alaskans believe was tainted by a corruption scandal that has engulfed the state's largest oil services company and resulted in the conviction of three former legislators as part of a widening federal bribery probe.

"This bill gives us the financial tools to save and invest in our future. By receiving an equitable share for our resources, we are now in a position to demand more accountability and seize opportunities to save for future generations," Palin said in a statement Wednesday.

Oil producers and their supporters argue that the increased tax will chill future investments that are needed if Alaska is to replace declining production.

ConocoPhillips Inc (COP.N: Quote, Profile, Research, Stock Buzz) announced last month it was canceling a $300 million investment to improve the quality of diesel fuel used on the North Slope, blaming the new tax legislation for making the investment too costly.

Oil major BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) has said it plans to review all of its investment program as well although consultants hired by the government say planned investments in Alaska's aging Prudhoe Bay and Kuparuk fields would still be highly profitable under the new tax legislation.

$1.5 BILLION BOOST

The tax rewrite, which the state expects will boost revenues by $1.5 billion this fiscal year, raises the basic state oil production tax by 2.5 percentage points to 25 percent and eliminates many deductions enjoyed by the industry under previous legislation. Continued...

The real conservatives are having a fit about Mccain picking her.

John McCain and nearly every economist agrees that a windfall-profits tax on the oil industry would drive away investment, increase prices to consumers, and make Americans more dependent on foreign oil.
McCain Warner-Lieberman Global Warming Cap and Trade scheme.

When he ran for president in 2000, Mr. McCain said he was surprised by the number of young people who would raise the subject at nearly every campaign stop in New Hampshire.

“I didn’t know about climate change,” he said. But in the intervening years, he said he has studied the issue very closely and now very much agrees with those worried about the impact the use of carbon- based fuels is having on the planet.

“There is no doubt in my mind that climate change is real,” he said.
I wonder if pushing McCain’s energy economics and climate notions, in anything but a comparative way with Obama’s, is realistic.


Hot Air Blog Archive Palin backed Alaskan windfall-profits tax

And this, ladies and gentlemen, is why it would be consarned insane for McCain to make a “one term only” pledge. For all we know, Bobby Jindal might also step on his own dork in the next four years, and then who is supposed to be the GOP leader?

Sekhmet on August 11, 2008 at 9:13 AM



Don’t get me wrong, your still hot, but I wouldn’t vote for ya.

RobertInAustin on August 11, 2008 at 8:53 AM

Too bad, so sad, Sarah. I re-think my good feeling about you.
L

letget on August 11, 2008 at 8:53 AM

Yeah, this is a deal-killer to me. McCain should remove Palin from the VP list, even though it pains me to say that.

I also find it outrageous that Alaska’s tax burden amounts to 75% of the price of a barrel of oil, or even that drilling in the Gulf requires the oil companies to pay a tax equal to 50% of the price of the barrel. The 50% level is basically a European level of taxation. No wonder the feds have to give the oil companies various tax breaks.

Outlander on August 11, 2008 at 8:54 AM





cannot believe that so many people are willing to throw Sarah under the bus. I think most of you missed the lines in the story that says,

Palin’s administration last week gained legislative approval for a special $1,200 payment to every Alaskan to help cope with gas prices, which are among the highest in the country.

That check will come on top of the annual dividend of about $2,000 that each resident could receive this year from an oil-wealth savings account.
That’s $3200 for every man, woman, and child in Alaska! Just for living there. What state that the rest of you live in, is willing to do that?

Everyone was looking for the perfect CFPOTUS, and now everyone is looking for the perfect CFVPOTUS, you are not going to find it. I am sure that there are issues with every candidate. Sarah may not be perfect, but she is definitely not Ridge, Pawlenty, or Crist.

BTW, when you read the article, consider the slant of the source, the Seattle PI, possibly the most left wing newspaper on the left coast.

Do I think Sarah should be asked about this? Absolutely. Bu to through her under the bus as Outlander suggested, is a little early.

ConservativePartyNow on August 11, 2008 at 10:47 AM




Right, but energy is the GOP’s #1 policy, and Palin signed in a bill that imposed a 75% tax on Alaskan oil and then gloated about how well she was lining the state’s pockets by doing so.

Outlander on August 11, 2008 at 11:00 AM





Funny, when I brought this up on Palin threads before nobody hardly said a word or worse, I was labeled a Palin hater.

lowandslow on August 11, 2008 at 11:15 AM

legalized theft

kirkill on August 11, 2008 at 11:15 AM

You should see the mess she’s done with the biggest pipeline project in history:
Alaska Gas Pipeline: Palin Pushes AGIA Agenda

I don’t want her as a VP candidate.

raiderdav on August 11, 2008 at 11:28 AM

Yep , a windfall profit tax on oil.

$3200 in socialism from the tax for every man , woman and child in Alaska.

I think most conservatives think old Mccain has went senile.


And he can forget the hillary voters to pick up the slack. Those women are mothers too and know the woman has ................shall we say some awfully strange mothering ideas .

What other country in the developed world produces beauty queens who hunt caribou and serve up a terrific moose stew?

And taxes windfall oil profits and hands out welfare checks while she is at it.

bet she makes a great moose stew though.

Originally Posted by wvpeach

And taxes windfall oil profits and hands out welfare checks while she is at it.

bet she makes a great moose stew though.

Liberals probably love her then. She should be getting rave reviews and full backing of the DNC as we speak. Obama is probably offering her more money and trying to hire her away from McCain.

Well, it sounds like she is conservative and also can speak liberalism.

I find it strange that a liberal would quote McCain on economic polices when he has stated it isn't his strong suit.

Originally Posted by rob

Well, it sounds like she is conservative and also can speak liberalism.

I find it strange that a liberal would quote McCain on economic polices when he has stated it isn't his strong suit.

Which liberal did that? Romney?

Originally Posted by percysunshine

Which liberal did that? Romney?

I think that Howard Dean said it.

Originally Posted by rob

I think that Howard Dean said it.

Good ole' Howard Dean. I kind of wish that guy would run for President again. I still can't forget when he told a rally of supporters that he wanted to be the President for rednecks driving pickup trucks with guns in the window and Confederate flags on the back. Absolutely classic Dean.