After RBR posted about Alaska's lack of state taxes and the largess they get from the feds, I decided to poke around. Alaskans received about $13,000 per capita making it the third largest recipient of federal funds after hurricane ravaged Louisiana and Mississippi. California and New York got less than $8000 per capita.
This is from the Census Bureau's FY 2006 Consolidated Federal Funds Report released in April 2008.
That said, according to the Federal Tax Administration's 2007 report Alaska had by far the highest tax revenue per capita. But this doesn't tell us if what Alaskans themselves actually paid back in Federal taxes.
If you go to this link you will see the source of Alaska's tax revenue. You will find that it looks something like this:
FROM LTG By way of comparison, here is a chart showing California's revenue sources.
Thursday, September 04, 2008
Alaska's Largesse
Posted by USWest at 2:17 PM
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Notice that 10 of the 12 states on the map that are colored dark blue are solid Republican voting statesand the two that aren't are Hawaii (lots of military spending because of Pearl Harbor etc) and the District of Columbia (duh!). Sure the like to talk about how Democrats waste money. We're wasting it on them.
I say let's trim the budget by cutting off the federal hand out spicket to these Republican welfare barons.
WOW, LTG! Thanks for the addition. That really does shows the type of diverse funding normal states have and yet, they are still in trouble financially! I think I read once that for every dollar California sends to Washington, it only gets like 60 cents back. I wish I had a source for that.
That last post was me!
You're welcome. I don't normally add to other's posts, but I can't put a picture in the comments.
Anyway, notice that Alaska gets 24% of income from corporate taxes, but CA only 12%. Notice also that property taxes don't show up at all, because that money all goes back to local governments.
Just in case you're curious, although I wasn't able to exactly match up the data from RbR's reference and US West's, it certainly seems (within a percentage point or so) that the tax breakdown corresponds to oil revenue this way:
Property tax (1.9%): this corresponds to the $65.6M paid entirely by the oil companies.
Select sales (6.4%): this corresponds to $218M paid (presumably) by consumers.
Corporate Income Tax (23.6%): this corresponds to $771.3M, of which 77% ($594.4M) is paid by oil companies.
Other (68.1%): this corresponds to $2,396.4M, of which 96% ($2,292.3M) is the production tax paid by oil companies.
I should point out that the percentages don't match the numbers exactly, and there's a little leftover taxes ($28.2M "Fish Tax", $16M "Commercial Passenger Vessel Tax") that I didn't know how to characterize. Together, these are less than 1.3% of Alaska's tax revenue.
Summing up, that big "Other" chunk of the Alaskan tax pie is almost entirely oil production tax. The purple Corporate Income tax is mostly oil company taxes also.
Percentage of tax revenue paid directly by oil companies is about 84%. Percentage of the entire Alaskan budget paid directly by oil companies is about 43%, paid by federal money is about 12%, and paid by interest on investments is about 31%. About 10% is paid by Alaskan citizens in the form of select sales taxes, fines, etc. The remaining bit (4%, though this is also where the rounding error lives) is from other corporate sources, like mining.
--------------
Palin's big triumph as governor was getting a new oil and gas tax passed that increased the tax rate on the oil companies. So, when you hear she "took on the oil companies", this is what it's about. Strangely, the Republicans never describe it as "raising taxes on businesses", which I'm pretty sure Fred Thompson told me was equivalent to raising my taxes. Also, it increases unemployment and stifles the economy, I am led to believe.
If, as RbR quoted, Palin said she "protected the tax payers", that demands clarification. The tax payers in Alaska are clearly the oil companies, and she's raised their taxes. I doubt they think that's protection. :)
As an Alaskan , I am glad to see information about our unusual arrangements for STATE revenue get out in the open. The lack of state income tax, state sales tax, and state property tax has created a different relationship with state government than most Americans have with their respective states. (The property tax shown IS from oil companies.)
I have come to believe it is a disconnected relationship which hurts Alaska in the long run. I have also come to believe the PFD , while established for the right reasons, hurts Alaska in the long run. It served Alaskans well to ignore corruption amongst legislators and oil companies until it became so blatant no one could stand looking at themselves in the mirror during Murkowski's "reign" as governor. Ms Palin rode the growing tide of self-revulsion into the Governor's office by shining a light on some of the rats in the shadows but it has been the VECO related FEDERAL trials which have cleared the air more thoroughly.
Now we are flush with extraordinary oil royalty dollars in the state coffers , largest PFD payout yet, and so-called $1200 energy relief payout and can go back to reviling our LOCAL city and/or borough elected officials for wasting our tax dollars because that is where we pay sales and /or property taxes depending on what we ask of ourselves as a community.
If Ms Palin really did leave Wasila with the debt reported by various sources recently she did NOT protect HER tax-payers very well.
Please understand my stance on the PFD is about 1 in 680,000+. I have never applied for it because of my concerns that it diverts citizens' attention from state government. This stance has made me a highly suspicious character in these parts!!!!!!!!!!!
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