Let’s organize a WRITE IN CAMPAIGN with HERMAN CAIN – Can’t you just see Herman Cain and Johnny Isakson in Washington together???

Hahahahaha

I would LOVE to see HERMAN CAIN and OBAMA go toe to toe in the SENATE … Oh yeah Baby! There would be a SHOW DOWN – SHO NUFF!

Have you ever really met Allen Buckley. Allen Buckley, the tax attorney/accountant, who has told me many times (during his first run a few years back) at various local LP meetings how he likes the current tax code and thinks it is a bad idea to change it. That Allen Buckley?

He must be a fiscal conservative in the very literal definition of conservative, resistant to change.

I want to see the actual statute or commentary by accountant, tax attorneys, etc. that actually know how it works.

The tax is imposed on the net profit earned on each barrel of oil pumped from state lands, after deducting costs for production and transportation.
The tax is set at its highest rate in Prudhoe Bay, where the state takes 25 percent of the net profit of a barrel when its price is at or below $52.

The percentage then escalates as oil prices rise over that benchmark.

I want to read the actual tax legislation in AK to be certain, but I can say now with a reasonable degree of certainty that it models severance/extraction taxes that exist in other western states.

Note that even the Seattle newspaper article, which was undoubtedly written and edited by by people that do not know crap about aw or taxes, states that the tax is on oil extracted from state lands. It is only applied when the oil is extracted, and is a graduated tax scheme. The essential point I am making is that it is tied to extraction/production in the state and apparently only from state property. If the law is at it appears, it is in line with extraction taxes and severance taxes on other resources.

BTW, if you read Daniel Yergin’s book, The Prize, that is the method the oil companies developed with countries in the middle east to compensate them for oil–taxes rather than profit sharing–so that they could get the tax credit back in the US.

What it is not is a tax on gross or net income for all refined petroleum products sold in the state at retail. I therefore do not perceive the tax that Alaska imposes to be anything like the taxes the Dims in Congress want to impose. I’ll give 10 to 1 odds that they want to tax all revenue from all petro, without consideration for location of extraction or the type of produce.

A vote for Buckley is a vote for Buckley. You are never going to get a fiscal conservative until you start voting for one.

Voting in ‘your guy’ and then hoping that they will change their stripes is foolish.

A vote for Buckley is a vote for Buckley.

If Chambliss loses it’ll be because he did not present a message that resonated with his base. The man is not a fiscal conservative. He never has been. He is a just another big-government Republican that needs to be run out of office.

http://hotair.com/archives/2008/08/11/palin-backed-alaskan-windfall-profits-tax/

http://seattletimes.nwsource.com/html/localnews/2008103325_alaskatax07.html

That’s not what the new savior of the GOP thinks, proving once and for all the the Republican Party has abandoned all conservative principles.

Buckley for Senate

I hope he’ll take note that the current deal on the table only allows for drilling for FL, GA, SC, NC and VA, and then still excludes part of FL.

We don’t need windfall profits on oil companies. However, the amount of royalties on oil drilled and/or the lease prices should be part of the discussion, (as well as what these monies are dedicated for).

I appreciate Saxby’s efforts here, but I do want language that gets more oil out of the ground.