The vote right now will not pass...Rush
Right idea wrong tax. Its the state income tax that needs to go first.
Related news in our Southern Shale
Eagle Ford banks challenged as deposits skyrocket
http://fuelfix.com/blog/2012/06/09/eagle-ford-banks-challenged-as-deposits-skyrocket/
South Texas landowners getting fat checks from oil companies for drilling on their land have been a boon to banks based in the Eagle Ford Shale.
Deposits at most of those banks have surged. The Karnes County National Bank’s deposits rocketed 110 percent to almost $168 million from the end of 2009 through the first quarter of this year.
Eleven other institutions registered jumps in deposits that ranged from 46.8 percent to 82.7 percent. By comparison, domestic deposits at U.S. banks increased 14.7 percent during the same period.
But the influx of deposits has left the Eagle Ford-area banks with something of a challenge: how to deploy that money at a time when loan demand isn’t nearly as strong.
“It’s a problem, but it’s a good problem,” said H.B. “Trip” Ruckman III, president and chairman of The Karnes County National Bank in Karnes City. Its deposits rose by $88 million from the end of 2009 to March 31, while its loans rose by $19 million.
Imagine the boost to the economy if drilling in now off limits oil fields were allowed and the Keystone pipeline and a proposed new oil refinery at Elk Point, SD (the first in 30 years) were under construction. In addition to all the new jobs and tax revenue gasoline prices would plummet. Instead we have worthless windmills blighting the landscape in the Dakotas.
“It sure looks like North Dakota doesn’t need an income tax anymore,” Barro elaborated.”
IMHO, it’s best to keep some income tax — to give everyone some skin in the game. The money can be saved and invested. Use some of it to buy Greece, for instance. Heck, buy New York ity, and make large sodas legal again.