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04/06/2011

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And countdown to Goldy's appearance to lecture us how we're in a "get mining" framework in 3...2...1...

So the Senate is 11-10 Dems and Assembly is 26-16 Dems, and so if Dems stay cohesive and vote for the amendment this session, under the NV Constitution we'll have to wait until the 2012 election, then the 2013 Legislature to vote on it again, for the mining tax amendment to pass.

If by popular vote, signatures of 10 percent of voters required (from each county by distribution requirement) for it to make the ballot on the "next election," and if it wins by majority vote, it has to be passed again during the next General Election -- likely 2014.

With only two years to wait in the first senario, the Legislature should be able to afford to delay draconian cuts to public education. Kick the can this one last time. You'd think.

Unless, of course, Big Mining gets one Dem to turn in the Senate (assuming the GOP is all against it). Bet they've got a short list.

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...Did I read somewhere that Alaska has a 25 percent extraction tax on oil and minerals , much obliged if someone has info..
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@ Douglas,
I think Goldy has stopped poking the bear right about now.

Good, because everything's worse with bears. Stephen Colbert told me that, so it MUST be true.

@ Douglas,
Well....Bears ARE Satan's children! ;)

Thanks for the detailed information. If I understand your charts correctly, Wyoming collects just under 20% of the gross value of mineral production in state and local taxes, compared to Nevada's take of a bit over 5%. If we collected 20% of the gross on $1.8 billion of revenue, it would increase our tax revenue by about $262 million per year, or $524 million over the next biennium. This is more than the projected $400 million shortfall in general fund revenue from the $6.2 billion for the current biennium ending in June.

How about dedicating increased mineral taxes to higher education? Or even to all levels of education? What better legacy could we derive from a depleting asset?

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...Thank you Faruk for your reference...Mucho Groucho..
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