Follow the Money - Local Politicians Campaign Contributors
Wednesday, July 4, 2007
TAXES AND GAS WELLS
Recently, it has come to be known that people who own property and mineral rights in Tarrant County may see a sharp increase in their Tarrant County Property Assessment Taxes. The Tarrant County Appraisal District is assessing new figures based upon the potential royalty earnings from Gas Well Drillings. Since lateral drilling allows lines to go one mile in any direction from the actual well site, literally every property/mineral rights owner in Tarrant may well be impacted.
Compound this with the Federal Income or Capital Gains Tax upon any royalties paid, and the royalty payments being promised by the drilling companies begins to significant pale.
Then add the Federal Windfall Tax, and royalty payments become negligible, or even negative.
But please note that none of these taxes are capped for anyone over the age of 65, and suddenly, many people on fixed incomes will be receiving the largest tax increase ever for them.
Is it not interesting that all of this was done without any information being made available to the public?
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A government big enough to give you everything you want, is strong enough to take everything you have. - Thomas Jefferson