Quote of the Day 5/6/2014

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“In addition to the fact that I think it has desperate consequences to the state, which is already suffering an inability to fund state services, I am absolutely confident that the rate of gross production or ad valorem in a state within a reasonable range of 0 to 12 percent has no bearing whatsoever in the economic activity in a state… The net effect of this tax reduction is a subsidy by the taxpayers of Oklahoma and the education system to predominately out-of-state shareholders of Oklahoma companies.”

- George Kaiser, owner of Kaiser-Francis Oil Co., responding to a proposal by Devon, Chesapeake, and Continental executives to make a large gross production tax break permanent (source: http://bit.ly/Rn1Tqk).