WYO Tax Day Report: Not Everyone is Paying Their “Fair Share”
Tuesday, April 15, 2008
Sheridan, WY - Wyoming's tax system needs some tweaking, according to a Tax Day report released today by the Center for Community Development. The report shows the oil, gas and mining industries are enjoying low so-called severance taxes in Wyoming when compared to other states.
Bob LaResche with the Powder River Basin Resource Council says working families are financing the difference through higher property and sales taxes.
"Industry is paying a lower percentage of Wyoming's total tax take than they should be, and individuals are making up the difference and paying more than they should."
LaResche believes non-renewable industries should pay more for their "fair share" because once the assets leave the state they're gone forever. He says other states have changed their tax structures because of concerns about the health of the long-term economy.
"I believe strongly in the wisdom of what Alaska's done: collect enough severance tax while production occurs to allow the state to survive and provide services after the industry is gone."
Some oil and gas companies have rejected calls for higher severance taxes, arguing that they'll just have to take their business to other states if Wyoming raises rates, and that higher rates would mean lost jobs.
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