Comments for Income tax repeal goes to full Senate; House version still alive at http://www.theind.com , comment 1 to 11 out of 11 comments http://www.theind.com Thu, 23 May 2013 04:04:29 +0100 FeedCreator 1.7.3 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-18081 Well it finally makes sense to me why anyone would want to phase out income tax! SOMEONE DOESN'T WANT TO PAY INCOME TAX ON THEIR NATURAL GAS INCOME. Okay, now it makes more sense. I just couldn't put it together quick enough. And if its not the shale, its something close to it. - Morrow Wed, 25 May 2011 20:21:19 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-18061 NORTHSIDE, the subject is not what the oil companies are paying but what they are not paying. Severance taxes have long been assessed on any and all oil/gas produced in Louisiana. Why should oil/gas produced in the state be granted an exemption because of the method by which the well was drilled. Such an exemption was a good idea when it was granted during the Foster Administration in 1994. However, at that time, horizontal drilling was in the developmental/experimental stages. Such is no longer the case. The vast majority of wells drilled in Louisiana employ horizontal drilling. The production from these wells, oil or gas, is 100% totally exempt from any severance taxes in Louisiana. However, such is not the case in the states of Texas, Oklahoma, Arkansas and Mississippi, each of these states apply severance taxes to all oil or gas production in their states regardless of the drilling method employed to obtain extraction. Also, I'm sure such companies are contributing equally to the respective state and local economy just as they are contributing in Louisiana, nevertheless, these states still have severance taxes assessed on oil and gas production. Severance taxes have long been a major source of revenue for the state. Allowing oil and gas companies to extract, sever the resources of Louisiana without paying a tax is an insult to every citizen of the state. We are taking a giant step backwards in Louisiana history to the period prior to the Long Administration when companies such as Texaco/Standard Oil/Mobil, etc., extracted resources for virtually free--except for the bribes paid to Louisiana officials to maintain the status quo. - RODEOCLOWN Wed, 25 May 2011 15:10:32 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-18035 Once upon a time in a Wal-Marts, the little fat kid was yan-yaning til his mom gave in and led him to the trough....... - NORTHSIDIAN SHOTGUN Wed, 25 May 2011 04:37:20 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-18029 Rodeo Clown stick to your stick horse, you have no idea what the oil operators contribute to maintain this state, and couillion what do you think a Royalty Payment to the owners of the mineral rights, the "land owners comes from, THE STATE COLLECTS ROYALTYS FROM "THE STATE OWNED LAND..HUMPH ! - NORTHSIDIAN SHOTGUN Tue, 24 May 2011 21:20:33 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-18028 P Diddy, your post is correct. But, will never happen! The politically connected run the state and keep their money!! Ask the pop corn fart we have as an tax assessor and he will tap dance better than Sammy Davis Jr. He could correct the unfair tax advantage of the super elite in a week if he wanted to!!!! - The Original Northsidian Tue, 24 May 2011 20:45:08 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-18021 How about having the land hoarders pay their share of the property taxes and stop lying about it being "farmland" so they can pay next to nothing. Eliminating income taxes will only increase costs for taxpayers in other areas. Remember when the DMV went up on the price of a license? As long as everyone pays their fair share and stop trying to buck the system, Louisiana would be alright. - P Diddy Tue, 24 May 2011 16:19:11 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-18005 All of the states cited without state income taxes are states that generate revenue on both the state and local through property tax assessments. Louisiana ranks 45th among the fifty states with regards to the level of property taxes paid, i.e, Louisiana is 5th from the bottom in terms of per capita property tax level paid by the citizens or 45 states per higher per capita property taxes than Louisiana. Repealing the states income taxes is a "nice" idea, however, the revenue stream generated by the income tax would have to be replaced with another source of revenue, i.e, property taxes on both the state and parish level. Of course, another source of revenue the state could "draw down" on is repealing the severance tax exemption granted to horizontally drilled/producing wells. Such a repeal would produce in excess of 200 to 300 million dollars in yearly revenue from the natural gas produced in the Haynesville Shale alone. The Haynesville production stands at 5.50bcf per day. In February '11, the USGS rated the Haynesville production as the highest level in the United States surpassing even the Barnett Shale formation in Texas. The severance tax exemption granted in 1994 under the Foster Administration applies to all wells drilled horizontally whether the well is producing oil or natural gas. Depending on the percentage of production generated from wells drilled horizontally in Louisiana, repeal of this exemption could easily produce anywhere from 600 to 1 billion dollars in additional revenue for the state. After all, why should any company engaging in resource recovery, oil, coal or anything else, have the right to remove natural resources from Louisiana and not "pay" the state for the "privilege" of extracting the resource. In terms of revenue generation, Louisiana, in the form of Bobby Jindal, has taken a giant step backward in time to the period before the Long administration when oil companies were allowed to produce oil and not pay anything to the state for production. It's time for the state to return to the 21ST century. - RODEOCLOWN Tue, 24 May 2011 07:49:58 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-17994 When your spoiled fat child cries for another cotton-candy after eating 3 bags of M&M's, do you give him another, cotton-candy bag to shut him up ? NO ! Well thats what you need to think about when the couillion-politicos begin to cry and ya-ya-ing over no money for education that song has dropped off the charts long ago, they have increased taxes, dreamed up taxes, all in the name of improving education and the only Fng educational improvement we have learned is that they continue to pad their cushy positions with double dipping in the educational coffers to compensate their selves after maintaining the poorest excuse of a education system in the nation, hey its over, the party is "OVAH.... - NORTHSIDIAN SHOTGUN Tue, 24 May 2011 01:02:48 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-17985 Why don't we just bankrupt Louisiana? I'm all for not raising taxes & living within our means, but Louisiana doesn't tax businesses and our state just doesn't bring in enough income to support the agencies that need to stay open. How are we to pay teachers, law enforcement, run jails, etc.? As bad as roads are, how are we to maintain them? I'll pay what I pay now; just don't raise them, OR CHARGE STUPID FEES THAT ARE REALLY TAXES! - Morrow Mon, 23 May 2011 16:12:14 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-17983 Texas .... Florida ..... NO PERSONAL INCOME TAXES. Those states are ahead of LA in education and healthcare. Why can't we do it???????? - Carlito Mon, 23 May 2011 14:15:52 +0100 http://www.theind.com/news/indreporter/8346-income-tax-repeal-goes-to-full-senate-house-version-still-alive#comment-17977 And then how in the world would the state pay for anything? We already don't have enough money for education and healthcare. This is tea-partyism run amok. - Farrow Mon, 23 May 2011 13:26:51 +0100