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This afternoon, the Democrat House leader, Scott Inman, accused Senate President Pro-Tem, Mike Schultz a liar.
Democrats were in private discussions with republican legislative leaders and Gov. Fallin. When Inman stepped out to discuss the Republican budget offer with the Senate Democrat leader, they were eventually called back and told that the deal was off; "Because the Republican rank & file members refused to support it. But Inman claims that the Republican leadership never did present the proposal to the Republican caucus of either house. |
The sticking point remains a matter of 1% difference in gross production taxes on oil producers. It also depends on whether all wells are taxed at the same rate or if only new wells not yet drilled will see the higher rate.
Currently, newer wells are getting taxed at 2% of production for the first 3 years. Then they are taxed at 7% thereafter. The Republicans had offered a 4% package. The Democrats seems willing to move from 7% to 5% on all wells.
If a deal is reached on increasing oil production taxes, then several other large tax hikes will also be pushed through, making this years legislature the biggest tax hikers in decades.
Currently, newer wells are getting taxed at 2% of production for the first 3 years. Then they are taxed at 7% thereafter. The Republicans had offered a 4% package. The Democrats seems willing to move from 7% to 5% on all wells.
If a deal is reached on increasing oil production taxes, then several other large tax hikes will also be pushed through, making this years legislature the biggest tax hikers in decades.
from Sooner Politics.org - Editorial http://www.soonerpolitics.org/editorial/rep-inman-calls-sen-shultz-a-liar
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