Quote:
Originally Posted by dalmations202
Right now, people are taxed every year on the land they bought (continual taxation) -- but their is no tax or penalty for the ones who make the most money off them by keeping the mineral rights for years -- even when they sell the land. Then because they own the mineral rights, they have all the rights of what to do on the surface land -- and only have to pay a smidgen of the property value loss when they do.
First tax I would have --- tax the oil companies and people who have mineral rights separated from the land. Landholders get taxed for mineral rights with the land.
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FYI -- mineral rights are already taxed (heavily) in the state of Texas. Oil companies and royalty interest owners pay taxes on their minerals the same way home owners pay taxes on the value of their homes. In most other states, oil companies pay a severance fee on oil and gas production to the state long before they pay income taxes (or not) to the fed gov.