Posted by Katy Grimes at 7:18 am on May 22, 2014 Comments Off on Could the oil tax bill be a shill for a ballot initiative?
With the 2012 passage of Proposition 30, voters were assured the
significant tax increase would go entirely to education. However,
less than 50 percent actually does.
Now, a new bill is moving through the Legislature, claiming to
tax oil and gas production for – ahem, you guessed it —
education.
SB 1017, an urgency measure, would impose a severance tax on
the extraction of oil and natural gas, effective immediately after
being signed into law.
Pay attention to the taxman behind the curtain who wants to add
more taxes onto oil and gas production.
However, if the California legislature doesn’t pass an oil
severance tax this year, billionaire hedge fund manager, Tom
Steyer, is preparing a ballot initiative for 2016.
Because Gov. Jerry Brown vowed that all new tax increase
proposals would go before the voters, there are reports which say
he’s largely rejected the oil tax this year. But NextGenClimate Action, Steyer’s
political action committee, can do it for Brown instead, with
the… Read More