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Thu, 18 Sep 2008

Amendment 58

Posted to Politics category

Amendment 58, Gov. Bill Ritter's Smarter Colorado plan, would eliminate an existing property tax-severance tax offset for energy and mining companies and increase the tax on some low-volume wells. The additional revenue would be used for college scholarships, wildlife habitat, renewable energy programs and transportation and water projects in communities affected by energy development.

It's a proposed change in state law, not a constitutional amendment.
Estimated first-year revenue is $290 million, about $157 million for the scholarships.

One side says Colorado has been giving $300 million a year to the oil companies in a tax break.

The other side claims this is a $290 million tax increase.

This site gives a good review on both sides

I think I'll be voting to get rid of the tax break for oil companies. My company doesn't get a tax break so why should any others.

Posted at: 2:53 pm

4 comments

Comments

• Re: Re: Amendment 58
  Bob Alexander wrote on Fri, 19 Sep 2008 09:25

  Unfortunately, getting your own tax break isn't an option in this election.

  BTW, you figure Obama won't raise your taxes. But you should always oppose tax increase on anyone, for three reasons.

  First, a tax increase on anyone increases the amount of money the government has, and that's bad.

  Second, a tax increase on anyone hurts the economy, so it affects you indirectly.

  Third, politicians use a divide-and-conquer strategy for raising taxes. Today, they target a group that doesn't include you. Tomorrow, they'll target a different group that may include you. Every time, they count on untargeted people to be supportive or at least apathetic.

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