In change for the removing of that exemption lawmakers additionally lowered the state’s mixed extraction and manufacturing taxes from a prime price of eleven.5 % to 10 %.
Since then Democrats and their numerous mouthpieces have been braying about “tax cuts for giant oil,” solely the web results of the coverage modifications was hardly a tax minimize. This chart exhibits in blue the precise income collections since this coverage was carried out by means of February of this yr. The purple bars symbolize what the state would have collected beneath the previous coverage:
It’s a wierd type of arithmetic that may will let you conclude that coverage change which end in taxed corporations paying extra in taxes is a tax minimize. However that type of unrepentant mendacity is simply the kind of factor which occurs in politics.
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