Group pushes letter against ballot issue
By Todd Hartman, Rocky Mountain News
Published October 1, 2008 at 12:05 a.m.
A national tax-limitation group has organized a letter from 89 economists warning that Amendment 58 in Colorado will raise energy prices for consumers.
The letter, engineered by the National Taxpayers Union, said the ballot measure, if it passes, would "have the effect of raising energy prices on consumers and discouraging growth in Colorado's economy."
Amendment 58 asks voters to raise $320 million in state revenues from drilling by killing a tax credit that allows the oil and gas industry to deduct local property taxes from their state severance tax bill.
The letter, signed by economists in academia and the professional sector, said, "This should be a time of expansion and investment in the state's energy infrastructure, yielding benefits for all Coloradans through more plentiful energy and quality jobs. Amendment 58 threatens these desirable developments by resorting to a vengeful tax hike."
Other studies have come to different conclusions. Last week, the Bell Policy Center in Denver released a report showing the complexity and global reach of oil and natural gas markets wouldn't register a change in Colorado's tax structure.
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October 1, 2008
7:19 a.m.
Suggest removal
FCZ writes:
Higher taxes on any business means higher prices to the consumer.
Gas, food, clothing...