Perhaps Colorado could have increased the $132 million it collected in mineral severance taxes in 2005 to $382 million by using Wyoming’s tax system. But it’s doubtful. First of all, energy companies could stop or greatly reduce drilling in Colorado if the tax burden becomes too onerous, meaning less production and less revenue.
Consider, too, that Wyoming levies no - zero, zilch, nada - personal and corporate income tax. Colorado’s state income taxes yield $5.5 billion a year, including nearly $500 million from corporations. Oil and gas revenues are chump change by comparison...
Many environmentalists’ real agenda is to drive oil and gas development out of Colorado entirely, not actually collect more revenue from it. That’s the inconvenient truth.
Friday, October 12, 2007
Tax Them Out of Colorado
The Pueblo Chieftan observes that Mark Udall's brother is taking a different, but equally effective tack to try to destroy the oil and gas industry in Colorado. He just wants to tax it out of existance, and he is not above twisting facts and figures to make it happen: