Reply to thread

Message: <blockquote data-quote="wjschmaltz" data-source="post: 335477" data-attributes="member: 6150">The legacy fund is WAY different animal than what happens in AK.  It's my understanding that the legacy fund is a tax on oil production that would otherwise go to producers and mineral owners.  Distributing this money to everyone else would be full blow redistribution of wealth socialism (you could argue the tax already is in it's current form).  The PFD in AK is in place because the people of AK own the mineral rights on the majority of production zones on the north slope (state land).  So most oil revenue from state land goes to the general state budget and a portion of it goes toward the PF to be paid out to the citizens. This means we pay no income tax.  But, we all know how government works.  So when the patch was booming, they spent every penny that came in and expanded govt. programs and then when oil prices fell and now as production is falling off further with the current administration, the state government has decided to take half of everyone's PFD instead of shrinking their spending.  I personally think the PFD in AK is a huge joke and should be done away with.  But the bright side is that as revenue falls off and more money is needed, at least they have a giant ass fund to draw from where everyone feels it instead of just taxing the working class (since we know they won't do the right thing and cut the budget).  So I would like to see the permanent fund in AK just paid out and be done away with, but I know that would just mean guys like me would be paying it all back in the form of taxes over the next few years and then 20x again over my lifetime.  As far as where the money is invested, I hope that they invest it for maximum returns, don't really care where that may be.  What I hate is how everyone seems to feel entitled to oil money because they live in a state with the resource.  Everyone is hiring, if you want a piece of the oil field pie, go earn it! I guess that's just the millennial in me.....</blockquote>

Verification: What is the most common fish caught on this site?

Reply to thread

Recent Posts

Friends of NDA