For Immediate Release: September 11th, 2013
Senator Wielechowski Releases Reason #4
To Repeal Senate Bill 21, the Oil Wealth Giveaway
Today, Senator Bill Wielechowski released the 4th of 52 reasons to repeal Governor Parnell’s Oil Wealth Giveaway. The reasons are being posted on ItsOurOil.blogspot.com as well as on Senator Wielechowski’s Facebook page. Alaskans with additional reasons to repeal The Giveaway are invited to submit their ideas to repealSB21now@gmail.com for posting.
Investment Soared under ACES
Under our former tax system—Alaska’s Clear and Equitable Share or ACES—oil industry investment in Alaska increased to all-time highs. Capital investment grew by nearly 70% in 7 years. This demonstates just how successful ACES was in spurring investment in Alaska’s oil patch.
SB 21 lacks the incentives ACES had to boost investment in Alaska. It gives away Alaskans’ wealth without any guarantee of increased investment, new jobs, or more oil in the pipeline. Simply put, it’s a bad business deal.