Proposition One, an Alaskan resident citizen's Initiative was placed on the ballot after more than 50,000 Alaskans signed the Referendum Petition last summer. Only 30,000 signatures were required.
The cost to Alaskans is 1 to 2 BILLION dollars per year. It goes into the already bloated profits of the oil companies! BigOil has promised nothing in return. BigOil is flooding the advertising media with tens of millions of dollars in advertising — it's a good gamble for them — spending millions to save thousands of millions.
BigOil and big businesses all speak of the hoped-for new jobs that may come from the lower tax rate. But no guarantee — and at what cost?
Better we see the state collect those tax dollars and use them to increase the Permanent Fund Dividend, maintain and improve our road and marine highway system, replace the F/V TUSTUMENA, increase our savings, and other projects that benefit all Alaskans, than see that money go into paying more in dividends to the corporate stock holders of the big oil companies, most of whom are not Alaskans, and many are not even U.S. citizens.
Contrary to what it's television ads tell us, ConocoPhillips is NOT Alaska's oil company - ConocoPhillips belongs to its corporate stockholders - and they are doing quite well.
BigOil has abused Alaskans for decades - remember Amarada Hess, the case in which the court found from 1977 to 1992 oil companies were guilty of “deliberate falsification in computing the price paid to Alaska for its royalty oil.” This judgment resulted in almost a billion dollars being added to the permanent fund and the judge said the State of Alaska was guilty of "inexcusable trustfulness" in dealing with the oil companies.
With the State of Alaska now in deficit spending and predicting a $2 BILLION dollar drop in oil tax revenues, if we allow this unconscionable gifting to BigOil, our savings will soon disappear and individual Alaskan residents will be hit with new, higher taxes.
Just do the math. Use common sense. Vote YES on Proposition One.