Alaska can't live on oil revenues alone; we need an income tax
October 28, 2021
Alaskans have been talking about the need to diversity our economy for decades, but it is diversified.
In the years after oil began flowing in 1977, the vast majority of Alaska’s economy remained tied to oil. But in the past 20 years, the gross domestic product for the non-oil private sector has more than doubled, which is great news. At its heyday, oil revenue accounted for 90% of state government revenue, but today that number has dropped to about 25%.
Alaska’s economy is more diversified, with a year-round tourism industry, a more prominent health care system, financial services, min...