Palin Taxes Big Oil’s Windfall Profits, McCain Says No!

Jennifer Lance — Wed, 24 Sep 2008 08:12:35 +0000

Have you heard of the Alaska Permanent Fund? In speaking with friends and family, I’ve been surprised how many people have not heard of this fund that shares oil revenue dividends with Alaskan residents. If you live in Alaska for one year, you can expect a check. Thanks to Sarah Palin, this year’s check will be increased by $1200. Each resident receives $3,200; that’s $22,400 for Palin’s family of seven. How did Palin increase the dividend for Alaska residents?

Alaska is a rich state. If you live in Alaska, you don’t pay income or sales tax, and you get money from the Alaska Permanent Fund. The state itself gets 85% of its budget from oil companies that lease the Alaska oil fields, and Palin has worked to increase this amount fattening state tax revenue and allowing additional payouts to the Alaska Permanent Fund by taxing Big Oil’s windfall profits. Wait a minute…didn’t McCain critize Obama for proposing a federal tax on Big Oil’s windfall profits. McCain said such a tax would “increase our dependence on foreign oil and hinder exactly the same kind of domestic exploration and production we need.” It seems we have a contradiction in the Republican party ticket.

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Palin Taxes Big Oil’s Windfall Profits, McCain Says No!