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As oil money disappears, Alaska mulls first income tax in thirty-five years

Drill, baby, drill. For years, that silly slogan has been a part of the Republican lexicon. But now, with global oil prices tumbling due to excess supply (caused in part by the North American oil boom), fossil fuel-dependent Alaska finds itself in a huge fiscal morass. Independent Governor Bill Walker, a former Republican, has proposed reinstituting a state income tax to ensure that the state can continue to provide public services to its citizens.