Windfall tax lets Alaska rake in billions from Big Oil

Republicans in Congress this June united to defeat a proposed windfall tax on oil companies, deriding it as a bad idea that would discourage investment in U.S. oil exploration.

Things worked out far differently in the GOP stronghold of Alaska, a state whose economic fate is closely tied to the oil industry.

Over the opposition of oil companies, Republican Gov. Sarah Palin and Alaska's Legislature last year approved a major increase in taxes on the oil industry — a step that has generated stunning new wealth for the state as oil prices soared. (CONT.)

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