Reason #16: As owners of our oil, Alaskans deserve to be compensated fairly for our most valuable resource.

Senate Bill 21 denies Alaskans a fair share of our oil wealth, particularly when industry profits soar. Our prior tax system enabled us to grow our savings to $17 billion.  Under the new system, these savings will likley be drained within the decade.

Reason #15: Under The Giveaway, Governor Parnell predicts a 26% in oil revenue to Alaskans over the next 10 years.

Reason #14: Under SB 21, the Giveaway, oil production is forecast to decline 40% from today to 2023.

Governor Parnell promised that slashing oil taxes would increase production.  But now his Department of Revenue predicts a 40% production decline from today through 2023. This is a far cry from the million-barrel-a-day goal he set when promoting The Giveaway. 

Reason #13: Alaska is an extremely profitable place to do business. Just cehck ConocoPhillips SEC filings.

Reason #12: Senate Bill 21, the Oil Tax Giveaway, is a bad business deal for Alaskans.

ACES, our former tax system, was fair to all parties. It yielded handsome profits for the oil industry (more than $36 billion in 6 years) and Alaskans ($26 billion in production taxes in 6 years).

 

 

Reason #11: Senate Bill 21 will plunge Alaska into deficit spending.

SB 21 will plunge Alaska into deficit spending. Cash flow deficits will exceed $2 billion/year by 2018 and $3 billion/year by 2020, assuming state spending continues along its current trajectory.  We can and must do better!
 

Reason #10: Senate Bill 21 will drain Alaskans’ savings.

Under ACES, our savings grew to $17 billion, giving Alaskans the biggest state savings accounts in the nation. Under SB 21, our most accessible savings account – the Statutory Budget Reserve – will likely be wiped out by 2018, leaving Alaskans empty-handed.