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Old 09-06-2008, 07:18 AM   #1
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Post No wonder Palin has such a high approval rating.......

Also from the Wallstreet Journal........they've dumbed this all down so even I can understand it!

What Palin Really Did
To the Oil Industry
By JAMES P. LUCIER JR.
September 5, 2008; Page A15

Oil companies in Alaska are paying more money in taxes than ever before. The state's oil and gas tax revenues for its just-ended fiscal 2007 topped $10 billion. That's twice as much as fiscal 2006 and four times more than 2004.

Some supporters of Barack Obama see that money coming in and say that John McCain's running mate, Alaska Gov. Sarah Palin, must have done what Sen. Obama wants to do -- sock those companies with a big fat windfall profit tax. This is a deeply misleading reading of her 2007 tax reform.

A few years ago, Alaska had a big problem. Despite high oil prices, the state's fiscal future was in peril because the state relies on only three aging oilfields for 80% of its oil and gas tax revenue.

In 2006, then Gov. Frank Murkowski, a Republican, proposed changing the state's tax on oil from a gross-revenue to a net-revenue basis. Instead of creaming 10% off the top -- which was how the mature oil fields were taxed -- Mr. Murkowski pushed to tax oil companies on their profits only, at a rate of 22.5%. The change in tax regime was meant to encourage investment in and development of new fields.

In effect, the state would become the oil companies' development partner. It would participate in the upside of oil and gas exploration, but only after the companies had recovered the enormous upfront costs of drilling new wells.

These costs are considerable. In Alaska, the locations are remote, the climate is extreme, the infrastructure mostly nonexistent, the environmental rules the strictest in the world, and there is only a short work season of three or four months a year. The costs make any project very risky.

Mr. Murkowski's plan turned into a disaster. It depended much on trust, but it lacked the transparency and predictability needed to win public confidence. One year after it went into effect, the Petroleum Profits Tax brought in far less revenue than expected and the state suffered a revenue crunch.

Somehow, the legislature had never properly defined accounting procedures and permissible deductions -- and the deductions came in much higher than expected. Meanwhile, as the shortfall appeared, a number of state legislators were on trial, under indictment, or under investigation for bribery by the FBI. These included some who should have done due diligence for the taxpayer on the proposal they enacted.

As a new governor in 2007, Mrs. Palin stepped in to address the fiscal crisis and restore accountability. Working with Democrats and Republicans alike, she chose a 25% profits tax. But in lean years the state reverts to a 10% gross revenue tax on legacy fields that do not require massive continuing inputs of new capital.

Relative to the old system, Mrs. Palin's plan -- called "Alaska's Clear and Equitable Share" (ACES) -- improves incentives for developing new resources. It ensures the state does well in boom times -- as it is doing now -- when oil prices are high. But it also hedges against low prices in the future by ensuring that oil companies exposed to commodity price swings don't face a crushing tax burden when commodity prices fall.

Her plan includes an escalator clause that gives the state a larger share of revenues when oil prices rise. This is common to production-sharing agreements all over the world.

Mr. Obama proposes to give each American a $1,000 check funded by windfall profit taxes to ease the pain of high energy prices. Some say Mrs. Palin's ACES is like that, because this year every Alaskan will receive a $1,200 check as a share of the oil bonanza. (The check comes in addition to the approximately $2,000 every Alaskan will receive this year as a dividend from the Permanent Fund, which was established by state constitutional amendment in 1976 as a way of sharing the state's mineral wealth with the people.)

A direct share in oil profits for every citizen is the ultimate incentive for more drilling. That's why in Alaska drilling for oil seems almost universally popular, while other states are drill-phobic.

The real comparison is not between Mr. Obama's windfall profit tax and Mrs. Palin's risk-and-profit-sharing plan. It is between Alaska's constitutional rule -- that the people must share directly in the state's mineral wealth -- and Mr. McCain's proposal that coastal states should share in federal offshore oil revenue. His plan is for the funds to be used for public purposes like roads, schools and conservation. A share of royalties dramatically improves the coastal states' incentive to support drilling. But if Mr. McCain offered every individual American a royalty check too, he might find it easier to sell his program.

http://online.wsj.com/article/SB1220...g2:r1:c0.15932



Perhaps this is a sneek peek into what's ahead in the McCain/Palin strategy. Palin gave every Alaskan a stake in the states mineral wealth. That's one smart lady......who works FOR THE PEOPLE!
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Old 09-06-2008, 07:24 AM   #2
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Default Re: No wonder Palin has such a high approval rating.......

And she did all this while Obama was writing his memoirs.
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Old 09-06-2008, 07:24 AM   #3
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Default Re: No wonder Palin has such a high approval rating.......

But why would we want to elect these two when it's Obama's destiny to be president?

McCain/Palin are moving in for the kill. I'm very confident if this election was held today the republicans would have it in the bag. These two are for real.
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Old 09-06-2008, 07:27 AM   #4
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Default Re: No wonder Palin has such a high approval rating.......

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Originally Posted by ShutDown24 View Post
But why would we want to elect these two when it's Obama's destiny to be president?

McCain/Palin are moving in for the kill. I'm very confident if this election was held today the republicans would have it in the bag.
The problem is that most Americans have not taken the time to become to become familiar with her record.

The Dems are familiar with her accomplishments.............and that explains the vast smear campaign against her. They know that their voting base will remember inuendos and lies before they will bother with the facts.
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Old 09-06-2008, 08:16 AM   #5
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Default Re: No wonder Palin has such a high approval rating.......

That why the debates are so important. Your right the Dems. have flooded the public with all sorts of garbage. Anything to keep the poor ignorant voters from finding out just what she has done in office. Its going to be her job to force people to look at her as she is, a tremendous public servant.
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Old 09-06-2008, 08:19 AM   #6
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Default Re: No wonder Palin has such a high approval rating.......

So is anyone that is voting for Mccain upset that Palin is the vice?
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Old 09-06-2008, 08:20 AM   #7
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Default Re: No wonder Palin has such a high approval rating.......

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That why the debates are so important. Your right the Dems. have flooded the public with all sorts of garbage. Anything to keep the poor ignorant voters from finding out just what she has done in office. Its going to be her job to force people to look at her as she is, a tremendous public servant.
I love people who talk politics.......

Tell me 3 issues that you like about Palin...
Tell me 2 issues that you do not like about Palin
(Without looking online.........be honest.......can you do it)

Im not a big political person.........Point is......everyone talkes about these candidates and they listen to talk shows (NOT NEWS). and really dont know much about the person they are defending or promoting.
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Old 09-06-2008, 08:23 AM   #8
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Default Re: No wonder Palin has such a high approval rating.......

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Yes, so unless you are rich....vote for obama
I apologize BBFW, but I'm not sure I follow? What is it that you are saying?
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Old 09-06-2008, 08:26 AM   #9
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Default Re: No wonder Palin has such a high approval rating.......

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I apologize BBFW, but I'm not sure I follow? What is it that you are saying?
That was in response to another post.......about the poor ignorant voters voting for Obama........
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Old 09-06-2008, 08:45 AM   #10
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Default Re: No wonder Palin has such a high approval rating.......

Quote:
Originally Posted by BIGBENFASTWILLIE View Post
I love people who talk politics.......

Tell me 3 issues that you like about Palin...
Tell me 2 issues that you do not like about Palin
(Without looking online.........be honest.......can you do it)

Im not a big political person.........Point is......everyone talkes about these candidates and they listen to talk shows (NOT NEWS). and really dont know much about the person they are defending or promoting.
Sure.

I love the fact that they did not choose to abort their fifth child. ABORTION

I love the fact she did not take the Govt bridge to nowhere money - Anti Pork Barrel

She doesn't like her daughter getting pregnant, but she still unconditionally loves and supports her - love the sinner, hate the sin.

She went after corruption in her own party - non-partisan, do the right thing

She cut real estate taxes - pro economy

She believes in lower taxes for the middle class - pro working class

She believes in the government being accountable and living within its means, as its citizens are forced to.

She has strong convictions and doesn't test the political wind before every statement.

These are just a few....

Can't think of anything off hand I don't like. Can you think of anything BBFW?
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