Friday, June 23, 2017

Bad Bills Part 6: Oil Welfare

HB 2429 is another gross production tax decrease that allows another four years of reduced taxes from oil and gas wells.
Here is a bill that was chosen for scoring the RINO Index,
& why this bill is bad for the average Oklahoman.

Even though it reduces the amount of tax the state gets the measure was estimated to bring in an additional $95 million dollars. However, the language in that estimate was extremely sparse, as if they were reluctant to discuss the matter and the less said the less to hang them with later. In the end it was an extension of the huge gross production tax decreases passed by Democrats years ago and kept in place by the Republicans thanks to profuse campaign donations. Oklahoma is unique among the surrounding states as we have a gross production rate that is 3.5 times cheaper, money that used to go toward education and other government expenses and programs.