Thursday, June 14, 2012

Oil and Gas Industry - #3969 - VIDEO: Boomtown, North Dakota - Hot Air (2) N.D. Voters Decide Not to Eliminate Property Taxes - Human Events

FIND OUT WHAT IS HAPPENING IN NORTH DAKOTA WHERE THEY ARE ABLE TO DRILL FOR OIL - THIS COULD BE HAPPENING IN OTHER PARTS OF THE U.S.
Boomtown, North Dakota - While the Obama administration continues to limit access to America’s bountiful natural resources through scant permitting and chokehold-worthy regulations, they continue to deny Americans the material abundance that would come with tapping those resources. The opportunity costs of their high-minded dictates are manifold, as we daily miss out on creating a bunch of productive private-sector jobs, producing new wealth, and growing our GDP, as well as increasing the government’s revenue stream. Last week, I posted on the GOP’s ongoing effort to get the Obama administration to hustle on expanding drilling access with their Domestic Energy and Jobs Act — a measure that would allow private individuals to work wonders for our economy, hardly any government involvement necessary. Majority Whip Kevin McCarthy talked up North Dakota as a perfect example of the type of opportunities the oil and gas industry can offer, and his office just produced a vid demonstrating how swimmingly things are going on the ground there.


North Dakota Voters Decide Not to Eliminate Property Taxes - Human Events - North Dakota's "Measure 2," which would have completely eliminated property taxes, was "soundly defeated" on Tuesday night, according to the Associated Press. Polls had shown about 70 percent opposition to the measure, which made it to the ballot with strong Tea Party support. If it had passed, North Dakota would have become the first state in the nation to abolish property taxes. This would have resulted in about $800 million in lost annual revenue to the state, which would likely have been made up through increases in other taxes - a commonly cited reason for opposition. Also, property taxes are a primary source of revenue for local governments, and opponents of Measure 2 felt they would have become overly dependent upon the state for funding without them. Supporters had countered that North Dakota's booming oil industry could provide enough tax revenue to replace property taxes, but it would appear the voters rejected that argument.  Read more........

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