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Some States Are Getting In On The Oil Business

New taxes for oil production are being imposed on oil drillers to help the state revenue. It is believed by some that this raise in taxes can cut income taxes. Some states are hoping that by taxing the big oil companies, the they could be better supported. More than a dozen states have imposed a higher tax law on oil production companies, but some were offset by the high price of extracting the oil remaining in the fields. The 36 states that imposed this sort of severance tax on oil, gas coal timber and minerals are in need of money....
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