PA Rep’s Economic Illiteracy On Display re Severance Tax

stupid is as stupid doesWe have to wonder, is PA State Rep. Rosita C. Youngblood (Democrat from Philadelphia) actually brain dead? At a minimum she’s an economic ignoramus, understanding 0% about economics and business and what it takes to make a successful business. Youngblood had the temerity (stupidity?) to write an editorial for the Philadelphia Weekly Press in which she says casinos in the state are taxed 55% of all money that passes through their hands, and therefore a measly 5% (or even 10%) severance tax on shale drilling is peanuts. Uh, Ms. Youngblood, have you ever heard of the concept of risk in business? Or profit?…

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