After Giving away Our ACES Oil Tax Revenue! No Kidding!
Rally around our Fund Folks!
Stop the Thieves. Stop them!
We the People own all Alaska's resources. Our AK Permanent Fund is not a part of the Constitutional Budget Reserve Fund. It never was. The two funds are totally separate. One provides for State Government expenses. They have mismanaged their Fund's share, 75% of our resource monies. The other 25%, Our AK Permanent Fund share, provides a Nest Egg for all of the People of Alaska, both current and future residents.
No one has the legal authority to take money from the Alaska Peoples Permanent Fund without a referendum vote from “WE the People”. The Fund was set up in 1976 by an amendment to our constitution not by the Legislature, but by a public vote of “We the people”, as the Alaska Permanent fund.
Then in 1980, the current dividend program was created by statute, mandating 50% of the earnings from the fund be dispersed to all Alaskans Annually. The other 50% of the Fund’s earnings, were legally mandated by Statute to be re-invested to counteract inflation. This Dividend program as mandated in 1980, now needs to be written into our constitution, so that it cannot be vetoed by any future Governor nor overridden by any future Legislature.
Stop the Thieves. Stop them!
We the People own all Alaska's resources. Our AK Permanent Fund is not a part of the Constitutional Budget Reserve Fund. It never was. The two funds are totally separate. One provides for State Government expenses. They have mismanaged their Fund's share, 75% of our resource monies. The other 25%, Our AK Permanent Fund share, provides a Nest Egg for all of the People of Alaska, both current and future residents.
No one has the legal authority to take money from the Alaska Peoples Permanent Fund without a referendum vote from “WE the People”. The Fund was set up in 1976 by an amendment to our constitution not by the Legislature, but by a public vote of “We the people”, as the Alaska Permanent fund.
Then in 1980, the current dividend program was created by statute, mandating 50% of the earnings from the fund be dispersed to all Alaskans Annually. The other 50% of the Fund’s earnings, were legally mandated by Statute to be re-invested to counteract inflation. This Dividend program as mandated in 1980, now needs to be written into our constitution, so that it cannot be vetoed by any future Governor nor overridden by any future Legislature.
When in 1989 then governor Tony Knowles asked permission of the people to use money from the fund for government expenses, 84% of the people roared NO! Since then our Excellent Ex-Governor Sarah Palin filled our coffers to overflowing with our new ACES form of oil tax income, when oil was less than $50 per barrel. Before any attempt could be made to thieve money from our fund, Governor Sarah Palin had to be driven out of Alaska. Sean McCain was instrumental with that by enticing her out. The membership of the dirty bastards club saw to that and to the replacement of ACES with SB 21. Thanks a lot Sean, no, the other Sean, not McCain, Parnell.
Governor Walker illegally used his veto powers to overrule laws already legally enacted in 1976 and 1980, to cap the 2016 fall's dividend at $1000. Essentially (he says) saving the fund $666 million in dividend payouts. He took $1000 from many poor Alaskan’s, all legally mandated to be paid. He also did it in 2017, and again in 2018. Governor Walker has broken our 1980 State Law without authority from Congress or the Public. He has broken State Law. His veto power does not extend to enacting new law. He was our elected governor, not our Dictator, not our King, nor an elected Oligarch. Congress alone has authority to Enact new law. He should have obeyed all laws already enacted into law. His illegal use of the veto has taken almost $2 Billion from our Alaskan economy. We need to hold our Governors accountable via a recall vote and ensure they too obey our laws, or they can become a self appointed Mein Fuehrers.
Can you believe it? he wanted the Fund to pay $700 million back to the oil companies. We can’t afford those oil tax credits AND HE JUST HADN’T GOT THE GUTS TO VETO THEM OUT OF EXISTENCE AND CANCEL THEM ENTIRELY.
He wanted you and me to pay for them out of the Fund, no less. to his friends of the DBC, who were getting more than their just One Third share of our Wealth.
Governor Walker wanted to pitch “Oil Tax Credit Investments” to our Permanent Fund Board. Suggesting; The Proposal could be a money maker for the fund, attracting investors. ADN 09/25/2016. Ha! Ha! What a Farce! He didn't put his idea to the public. There are no such stupid investors.
The state government has overspent by $Billions each year. Now, it is "cut back" time. So wake up folks and get used to it. But it need not be so. We are overflowing with money. However, we will take most unkindly to theft from OUR PERMANENT FUND. We did not elect a gang of Mafia Robbers to the legislature. We elected Senators and Representatives most of whom instead of representing us, have betrayed us by giving away our ACES income form of taxation to the oil company giants, our One Third share. Let us no longer continue to subsidise those Giants with Oil Tax Credits and reduced taxes under SB21? Alaska Oil is now again, over $70 per barrel and Sarah Palin filled our coffers to overflowing when it was less than $50. So let the DBC pay up their share of back oil taxes, under ACES.
When SB21 was being promoted by then Governor Parnell, all sorts of oil production promises were made which failed to materialise. Very well, they failed to keep their promises, so the simple solution to our Alaskan financial situation is to rescind SB21 and re-enact ACES, automatically, backdating it to the implementation of SB21. If those Oil companies cannot work without State Welfare Tax Credit subsidies, then Goodbye folks! All other oil companies are welcome. Invite the Aussies, the Chinese, the Germans, the Indians, the Japanese, and the Russians to compete.
Now the state Legislature and our Governor are looking around in desperation, they only have a small Constitutional Budget Reserve backup fund with less than $5 Billion. From $20 to less than $5 billion, though the CBRF is much reduced it has not yet been exhausted though depleted yes by overspending. Our Permanent Fund could now buy 10% Tax exempt State Bonds at the rate of approx. $3.25 Billion each year. As the dividends increase each year there would be more and even more money available to purchase new State Bonds. Government budgeting expenditures plus interest payments on bonds already issued, would just need to be limited to that 50% of the Earnings Related Account, I.E. the money available for Re-investment in our Fund. Thus we’d have an endless supply of cash serving the Government and the public. The money just needs to be passed around and paid for, by 10% Tax exempt State bonds, and thus a limit imposed on Government spending. If the Governor needs money desperately, then let him issue state bonds which will help the fund continue to counter inflation. If the Government fails to pay interest due on the Bonds, the fund would simply refuse all further government loan applications.
The Permanent Fund needs to function totally independent of the Governor and the State Legislature, selecting its own board members by a public vote on all nominations submitted by its own existing executive board. The Fund instead of being robbed, can thus have its purpose, immensely enhanced.
Rescind SB21 and Re-Enact ACES oil taxes. Stop giving away our oil tax revenues.
Permanent Fund monies belong to “We the People” of Alaska. Let’s keep it that way.
Our AK Permanent Fund is not part of the constitutional Budget Reserve Fund, nor is it designed as a back-up to the State Budget. The State has been given authorization to collect Corporate Taxes only. No double dipping private income taxes nor Municipal Rent, aka property taxes are needed in Alaska.
Nathaniel Herz, in the ADN page A13 Friday March 2nd 2018, writes: "This years proposed state spending is $4.6 billion, with just 2.1 billion in revenue to pay for it." They are only $2.5 billion short, less than half the fund's re-investment amount required to counteract inflation. "The deficit has prodded lawmakers to look toward the $65 Billion Permanent fund as a possible fix." The deficit has not yet prodded the lawmakers to rescind SB 21 and automatically re-enact ACES. Why not? Are they all members of the DBC?
"The funds earnings have historically gone towards dividends, cash sums paid directly to residents each year." (The residential owners of the Fund.) "Touch it and you risk being zapped at the ballot box." ZAPPED BY 84 % OF THE RESIDENTIAL OWNERS.
Correction: Only 50% of the funds earnings have historically gone towards dividends. The other 50% of the funds earnings have historically been re-invested to counteract inflation. This 50% is available for funding State Government Expenses and is more than sufficient to do so, without touching our 50% dividend section. The budget is only $2.5 Billion short, this 50% Re-investment section has over $3.25 Billion.
You've had your Constitutional Budget Reserve Fund and have given away Alaska's Clear and Equitable Share of our oil tax revenue under SB21. We the People, have Our Nest-egg. Hands off our Nest-egg. Our Permanent Fund is functioning really well, and is now valued at over $65 Billion. Obey the 1980 Statute. Pay us back all the dividend money due to us in accordance with current law already enacted and start collecting ACES again.
John J Kiernan 907-441-2964 Goldbeard84@gmail.com
3550 W Dimond Blvd Unit 211, Anchorage AK 99502-1555
The Oil companies do not desire to pay taxes under our ACES system and have pleaded to rep-lace ACES with SB21. Parnell Did not recuse himself from the issue, but encouraged it. Now we are short of oil revenue, which Sarah Palin made available to Alaska. So we are short, and now they want to raid our fund. They have depleted their own fund.
ReplyDeleteWhy give big oil Giants a free ride at out expense? Rescind SB 21, Re-enact ACES and back date the reenactment to the introduction of SB 21. Oh dear, that would mean less profit to pay to Oil Co shareholders, members of the Dirty Bastard's club who are very envious of our dividends.
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ReplyDeleteShould we really lend our AK State Government Billions against possibly worthless tax exempt State Bonds? They have given away all our oil tax resource revenue, and additionally, on top of that; they give away Oil Tax Credits, from the reduced money we now make under SB 21. They are either a bunch of fiscal buffoons or all their votes are bought and paid for by the DBC.
ReplyDeleteWe cannot keep changing horses in the middle of the stream! I agree with most of what you’re saying but under no circumstances can we just drop our agreements and go back to whatever benefits us at the time! We signed contracts with these companies, we owe it to them and ourselves to honor those contracts or we’ll be trying to play a game with no players. A large part of the situation we’re in is all of our fault. We’ve known since 1988 our oilfields production rates were declining, yet we failed to hold our representatives or ourselves accountable. It was like yeah we’ll deal with all that later, later is here and it’s on all of us to clean this up but certainly not at the expense of these exploration companies. “Big oil” is not necessarily the recipient of these funds, most of them are going to smaller companies that could not have attempted to explore without these terms, we agreed, we honor our debts, period. Larry Beach. Meadow Lakes Alaska
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DeleteWhen one has put one's head in a guillotine, it is wise to get it out of there. Trump is right, to make America Great again we must cancel all stupid errors of former idiots.
DeleteAt less than $50 per barrel, Sarah Palin filled our CBRF and left us with over $12 Billion. After the big oil DBC members had successfully gotten rid of Sarah Palin, they pushed us via Sean Parnell our Traitor Oil Governor, who did not recuse himself, to replace ACES with SB 21. He convinced congress that if SB21 did not work out for Alaska, we could replace it. It didn't and now instead of replacing it they are attacking the peoples Permanent Fund. This whole matter is a contrived set-up, so the oil companies can ENJOY A FREE RIDE at our expense.
Larry, if you found that you had stuck your head in a noose, wouldn't you get it out of there?
DeleteHammond was clear what portion of our oil resources represented our fair share as owners. To quote him directly from the chapter "A Broken Bargain" from his book "Diapering the Devil," "When I was in office, the state, the oil companies, and the federal government agreed to split the oil wealth pie roughly one-third, one-third, and one-third." Governor Sarah Palin gave Alaska its Clear and Equitable Share of oil revenue, ACES.
DeleteWhy did Governor Sean Parnell push for the abolition of ACES? He had it replaced with SB 21 which gave away Alaska’s Clear and Equitable Share of our oil wealth. Now the state is bankrupt.
With ACES and oil at less than $50 a barrel Sarah left over $20 billion in the CBR a/c. Suddenly $8 Billion disappeared. Now with oil at over $70 per barrel we are bankrupt with the new SB 21 tax giveaway to the oil companies.
Jay Hammond was right; we need our clear and equitable one third of our oil revenue. Sarah Palin gave it to us. We need it back. Hands off our Permanent Fund. Stop giving away our money to the oil companies
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