Free-market think tank Opportunity Ohio released a video last week criticizing Kasich’s plan to increase taxes on companies using horizontal hydraulic fracturing, also known as “fracking,” to extract oil and natural gas from shale deposits.
In March, dozens of employers and elected officials launched the Protect Ohio Jobs Coalition, claiming a fracking tax hike could jeopardize tens of thousands of jobs.
According to Opportunity Ohio, the proposal included in Kasich’s 2016-17 budget clashes with President Ronald Reagan’s adage, “if you want less of something, tax it.”
A series of Opportunity Ohio videos released in 2013 warned that a fracking tax hike represented government picking winners and losers, and it was likely to harm employment — not just in the industry but in much of Appalachian Ohio.
Opportunity Ohio estimates energy companies have invested more than $30 billion in fracking in southeast Ohio and have earned $3 billion from those investments. Oil production has been far lower than anticipated, already prompting some companies to leave the state.
Kasich, a Republican, has been pushing for a tax hike on fracking since 2012.Click here to continue reading. The video referenced in the article can be viewed below.
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