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Thu, 18 Sep 2008Amendment 58Posted to Politics categoryTheres been a lot of hubbub on TV for and against Amendment 58.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. 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 pmComments
Re: Amendment 58 I see it as this has two parts. 1) stopping the tax break for oil companies. 2) applying the savings to higher education and various other stuff. I'm all for the first point. I'm not really for the second point, I also would prefer the tax savings to go back to the taxpayers. However, that's not being offered as a choice. I slightly more in favor of getting rid of an unfair tax break then I am worried about what the goverment is going to do with the savings. So I'm voting for this, and taking the middle ground. ReplyYour Comment |