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Newspaper
Vernal Express
Location
Vernal, Utah, United States of America
Date
Jan 12, 1949
Page
10
Members will receive 145000 in revolving fund certificates at face value after a six year cycle. Each producer invests in the cooperative at one cent per dozen or 30 cents per case, with interest paid at five percent.
A 1948Utah viewpoint argues against severance tax by mining firms. It contends the plan fails to distinguish between high and low profit producers, would raise costs for marginal operators, impede development of low grade ores, deter new industry, and hurt state growth by reducing risk capital and jobs. It emphasizes natural resources belong to the state only in theory and warns of broader economic harm.
The article argues against high value based reverence taxes on mining properties as unfair and harmful to investment. It claims such taxes hinder sale of mining assets and deter capital, making local firms noncompetitive with adjoining states. It urges a study to show no higher return on investment for mining versus other businesses and calls for fair taxes tied to profit, promoting new industries instead of punitive levies.
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