Battalion/Page 11
May 7, 1982
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United Press International
WASHINGTON — Two
Frost Belt congressmen intro
duced legislation Thursday to
limit the severance taxes states
can place on oil, natural gas and
coal and to place a permanent
national tax on domestically
produced crude oil.
Under the proposal — cer
tain to draw fire from the oil
industry and energy-rich states
— crude oil producers would
pay an amount equal to 30 per
cent of the value of each barrel
directly to the federal govern
ment.
The effective tax rate would
be 16 percent, since the tax
could be deducted as an expense
from federal corporate income
tax payments.
The plan also would place a
cap on the level of state sever
ance taxes on energy resources.
It would allow such states to re
tain their 1978 severance tax
levels, with an adjustment for in
flation.
A severance tax is one that can
be placed on energy before it
leaves a state.
States that have low energy
taxes or none at all could impose
severance taxes up to the infla
tion-adjusted national average
under the concept.
“The energy resources of this
country, whether oil in Texas,
coal in Montana or natural gas in
Michigan, should be viewed as
American resources,” said Rep.
Howard Wolpe, D-Mich., a co
sponsor of the legislation with
Rep. Claudine Schneider, R-R.I.
“The benefits derived from
the taxation of these resources
should be enjoyed by all of
America, not just by the pet
roleum industry or those states
who by geological chance find
these resources within their bor
ders,” Wolpe said at a joint news
conference.
Rep. Schneider stressed that
the crude oil tax, which would
raise $4.86 per $30 barrel of oil,
would help make up the re
venue lost as the windfall profits
tax is phased out.
“Over an eight-year period,
from 1983 through 1991, the
(new) tax would raise $330.9 bil
lion, with $248.2 billion going to
reduce the deficit,” she said.
The bill, called the National
Crude Oil Profit Sharing Act,
would place 25 percent of the
revenue generated by the tax
into a trust fund for distribution
to states “in block grants to en
courage new economic develop
ment and to revitalize basic in
dustries,” Wolpe said.
Rep. Bob Edgar, D-Pa., chair
man of the Northeast-Midwest
Congressional Coalition, also
participated in the briefing and
expressed strong support for
the measure.
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The last formal week
photo by C. Michel Chang
Tom Kaczmarek, an engineering
technology major from St. Petersburg,
Fla., introduces himself to Rus Ingram,
a junior building construction major
from San Antonio. This is the last
week of the semester for the Corps of
Cadets to wear uniforms. Final Review,
marking the last march for senior
cadets, will be Saturday at 3 p.m. at
the drill Held.
A/VWWVVVWWVVVWVWV^ 1
.ar costs
un over
taxpayers
United Press International
1 LOS ANGELES — Ed Hel-
feld parlayed a flat tire on his
city-owned vehicle into a
$2,713.88 bill to be paid by tax
payers.
f Helfeld, director of the Com
munity Redevelopment Agency,
got the flat on his 1976 Chev
rolet on March 22. His spare
jlidn’t fit, so he had the car taken
to the City Hall garage.
Mechanics told him his old
car also needed a tune-up and
other work at a cost of $316.78.
Helfeld then decided to have
jsome dents in the car fixed and
to get the vehicle painted at a
; cost of $874.12.
Meanwhile, Heldfeld rented
a Ford for three days at a cost of
$298.73. Then he tried a Chev
rolet and an Oldsmobile, ring
ing up another $172.21. He fin
ally tried a Chrysler and kept it
for 18 days at a cost of $984.65.
A month later, he was back in
his old car and taxpayers were
out nearly $3,000.
“After driving them, it
brought me to conclude I ought
to keep the car I have,” Heldfeld
said.
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Chariots of
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STARTS FRIDAY
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XXX
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