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Wednesday, March 11, 2015

Kasich Says 10% Severance Tax Proposal is Next if 6.5% Tax isn't Approved

From the Associated Press:
Gov. John Kasich says he foresees a ballot measure emerging if his latest effort to raise taxes on oil-and-gas drillers fails to get through the Legislature. 
Kasich predicted at a news conference Friday that a citizen group or aspiring politician would spearhead the effort and seek rates even higher than he has proposed. 
Kasich’s current budget proposal calls for a fixed rate on crude oil and natural gas of 6.5 percent at the wellhead, and a lower 4.5 percent for natural gas and natural gas liquids sold downstream. 
Kasich said a ballot campaign would probably push a 10-percent rate with earmark proceeds for something popular with voters. Proceeds of his tax would go to income-tax reductions. 
The industry says tax increases would kill momentum and cost jobs.
Is this the equivalent of Kasich putting a gun to the industry's head so that they'll drop their opposition to his budget proposal?

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