Scott’s Scoop — Column by Scott Dinger
Did you know Alaska, North Dakota, and Wyoming have established permanent fund programs? These “funds” are derived from taxation of private corporations and big businesses who profit from taking the natural resources in each of these States. The payments (taxes) into the fund by these companies is microscopic in comparison to their profits. These taxes are then managed by private equity firms hired by each state, and are not state employees. The yearly and fluctuating profits from managing the principles of these funds is then given to citizens in the form of a yearly cash dividend. The principle is constitutionally protected from being used for other funding needs by state agencies or political pet projects. This is to protect the fund program in perpetuity. For example, the Permanent Fund of Alaska currently holds investments in excess of eighty billion dollars. Since 1982, when the first payments went out, billions of dollars have been paid to the people of Alaska once per year.
Natural resources in and on public land belong to all of us. Idaho public land abounds with precious metals, rare earth minerals, gravels, fresh water, timber, and gems. Currently, most of the money made from removing and selling these resources goes to private companies. More often than not, once the resources are exhausted the private companies move on—leaving the citizenry out of the profit and, in some instances, paying for reclamation. Does that seem fair?
Two years ago, I learned that the largest known cobalt deposit in the United States was discovered in the mountains of central Idaho. The find was developed and is ready to mine; however, it is currently not in production due to the current price of cobalt. I looked into the ownership of the mine and found that it is owned and operated by a shell corporation based out of Australia known as Jervois Global. A little more digging indicates that the majority shareholders of this company are the Chinese.
So I asked myself—why should a company, that is not American owned, be profiting from a natural resource in Idaho? Save for a few employed Idaho workers, this company will take cobalt, use it for green energy products, and then, in the end, sell it back to you and me. This got me motivated to look into legislation in Idaho to create a permanent fund.
Last year, I presented my idea to Jordan Redman, a member of the Idaho House of Representatives in my district. We have since created a piece of legislation called the “Idaho Resource Tax Act.” Initially, the bill was held up against the Idaho Constitution to ensure that it was clear of any conflict. Then, the bill was drafted and has made its way to the House Revenue and Taxation Committee for review and consideration.
For the novice, a bill has to make it out of a House or Senate committee and then to the main floor of the chamber to be heard prior to a vote. Then, depending on the vote, onto the next chamber where the process repeats. Only after passing both chambers will a bill go to the desk of the Governor before it becomes law (if it isn’t vetoed).
As I write this, the bill is stuck in the House committee made up of 15 people. Rep. Redman is very busy with many things and is not on this committee. I have been unable to find out why this bill, which meets constitutional legalities and will do nothing to harm very profitable corporations, is “stuck.” Especially when the bill serves all Idaho residents and not just big business or 15 committee members. I hope that as you read this you are wondering the same thing.
I normally write about things from an educational stance and try very hard to stay neutral. This subject, however, is something I would like the readership, and all Idaho citizens, to help me with seeing it to its end—a way out of the committee and onto the House floor to be heard and voted on based on the will of the people. If a little extra money in your pocket each year appeals to you and if you think that big offshore corporations and big business should not be the only ones profiting from OUR natural resources, then consider doing the following:
- Contact the Idaho State Committee of Revenue and Taxation via email: hrev@house.idaho.gov or by calling (208) 332-1125 and say what you would like to say about the “Idaho Resource Tax Act.” To be fair, some of you may disagree with this bill.
- Email me primalpest@protonmail.com and tell me if you are for or against this bill and how you would like to help.
- Research the Alaska Permanent Fund program via wikipedia or pfd.alaska.gov or contact@apfc.org or (907) 796-1500.
- Share this article with someone.
“Scientia potentia est”
