Wealth Redistribution- Kasich Signs Drilling Rules

Kasich Signs Drilling Rules

But industry says that doesn’t end the debate over taxes

June 12, 2012
The Intelligencer / Wheeling News-Register
Everybody is busy watching radical left wing activists and mean while Kasich is sticking his hand in the pie again.  I don't care what color your jacket is, keep your hands out of other peoples pies!   http://www.theintelligencer.net/page/content.detail/id/570877.html

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0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on June 12, 2012 at 3:22am

He has made me regret writing him a check in 2010.  His campaign better not send me any donation requests in 2014.  I thought he was supposed to be a fiscal conservative?

Permalink Reply by Dan on June 12, 2012 at 5:28am

Kasich's, aka Gas-sick's, previous use of the tax for a "rainy day fund" went over like a lead balloon so it seems he is back to his old plan of wealth redistrubution.  Who is looking to for support, the lazy and subsidized?  What's next for Ohio a corn tax?

Permalink Reply by Mike h on June 12, 2012 at 5:50am

I won't be voting for him.

If the severence tax (how much iut should be is an open question in my mind) were going to the county where the drilling is happening I might better understand and appreciate it. I know Carroll County is getting impacted big time from the drilling activity and they aren't getting squat from taxes on the signing bonuses and royalties.

Saturday morning Carrollton was a zoo as far as traffic is concerned. It never used to be that way.

Sunday morning as I was driving down 43 from Malvern to Carrollton I easily saw a dozen semis (not as a group, just random) carrying drilling equipment, brine, a really large mobile crane, etc.

If anyone should get money from a severence tax it should be the counties that are being impacted. Taxing O&G production in order to give a general income tax reduction is wrong as far as I'm concerned.

Just my 2 cents.

Mike

Permalink Reply by Dan on June 12, 2012 at 6:21am

I would rather see a impact fee upfront at permiting that went to the local area where the well is drilled.  If a company causes undo or illegal impact than fine them and use the money to fix the problem. 

Permalink Reply by Schnoozie on June 12, 2012 at 6:41am

Ahh the Wealth Redistribution Theme again.....Tie in the phrase "Wealth Redistribution" with Kasich at any opportunity in any environment at any time as often as possible.

The runny-nose-dirty-diaper-Democrat Criers over here in Pa. do the same thing to Corbett.

There should be a .25 Cent tax for reading absurd online posts based on an article about a bill that is unfinished and not voted on. Someone owes everyone 75 cents.

Plan on seeing Obama lose Ohio by 16 points. Fact.

Permalink Reply by Dan on June 12, 2012 at 7:40am

Schnoozie,

It's time to quit schnoozin and wake up. Ohio's Republican representatives aren't standing with Kasich on this issue. His wealth redistribution through taxation plan brings a twinkle to the eyes of left wing subsidizing Democrats, not fiscal conservative Republicans. They hopefully will stop him from continuing to kick this bleeding horse of a money grab out into the light where you and others think your going to get something for free at someone else's expense.  Our close Canadian border folks are going to need sound barrier fences soon to block the loud hissing sound coming from freeloaders in the US sucking away at other's resources.  Until folks pay attention to their politicians actions, not just the color of their coat, it will weigh on our country moving forward. 

Permalink Reply by Mike h on June 12, 2012 at 7:57am

Kasich is the one who came up with it, why wouldn't anyone wish to hang it on his neck? I'm a lifelong Goldwater Republican. I don't care for Obama but then again, he isn't running for Governor now is he?

 

 

Permalink Reply by Mike h on June 12, 2012 at 6:43am

I'm agnostic whether it is an upfront fee or a percentage.

Permalink Reply by Mike h on June 13, 2012 at 1:23am

Fang,

I'll probably end up voting Libertarian. I agree that the best thing would be if Kasich gets smacked down by the legistlature but I don't know that will happen. More likely there will be some kind of deal to ensure money flows to pet projects or something. It's a populist play.

Permalink Reply by Dan on June 16, 2012 at 2:38am

http://ooga.org/issues-advocacy/archive/ohios-oil-and-gas-severance...

Ohio’s Oil and Gas Severance Taxes


Apr 9, 2012Tags: gas, HB 487, increase, MBR, oil, severance tax, Utica Shale

Ohio can have it all – more jobs, decreased energy costs, increased tax revenue and tax cuts – but first we need companies to invest in the state to help it grow.

The Utica shale play is currently in its infancy. To date, there are a total of seven wells producing crude oil and natural gas in two counties. It will take a couple of years to determine the economic viability of this shale formation. This investment capital is mobile. If the cost of doing business here in Ohio is too high, then companies will take their investments somewhere else.

Increasing the current Ohio oil and gas severance tax rate would discourage such investments. For example, a 4% severance tax on oil and gas would be equivalent to a 40% income tax and 16 times more than the commercial activities tax (or CAT). It would also burden economically challenged area throughout the state and landowners who want to lease their land and receive royalty streams.

Finally, state and local governments under the current tax code are projected to receive more than $1.05 billion in new tax collections beginning in the year 2015 because of oil and gas development.    

Read More

Ohio Oil and Gas Severance Tax Information:

Permalink Reply by lynn on June 17, 2012 at 6:26am

I voted for Kasich but I have not been very happy with a good many of his proposals including this increase in taxes on o&g.  Good business models nurture developing business not penalize them.  From my perspective they are finding new oil and gas reserves all over this country because of new technology.  That means that oil and gas companies have other places they can go.  We need to let o&g get a good foothold and start making back the investments they have made here before we talk about the state taking more.  Kasich never mentions the millions Ohio has made in income tax on the lease bonuses already paid.  It bothers me that that money is going for things like the study to lease the turnpike-an action that most Ohioans oppose.  Not to mention that it was supposed to cost 1.4million but has already cost well over 3million.  There are much better uses for that money.  I keep hearing that we need to go slowly to protect our environment-that's been done.  We also need to be conservative about plucking the 'golden goose' or we're going to left without the eggs.

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on June 17, 2012 at 7:42am

I agree Lynn, and I'll add to your point.  It's not just O&G companies that will foot the bill for this new tax.  Landowners will see a reduction in royalties as well.  Maybe the tax won't make a huge impact to them month to month but over the life of a well (or several wells) that little bit that the state takes really adds up.  

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