Who will tax reform hurt more: corporate special interests or low-income seniors and families with children? Sen. Mike Mazzei, who co-chaired the tax reform panel, said eliminating dozens of tax credits and “preference items” — to help pay for reductions to Oklahoma’s personal and corporate income tax — would be a blow to special interest [...]
Oklahoma’s two preeminent policy think tanks defended opposing sides of the income tax debate on the opinion page of Sunday’s Oklahoman. At issue is reducing the top rate of Oklahoma’s individual income tax, which is state’s single largest source of revenue. On Jan. 1, the top income tax rate dropped to 5.25 percent from more [...]
Among dozens of tax credits to be eliminated under a plan proposed by a legislative tax force is a child care income tax credit claimed largely by the “working poor,” the president of the Oklahoma Child Care Association told The Oklahoman. Many parents sign over their income tax checks to pay for their child care [...]
A legislative task force is calling for cuts to Oklahoma’s top personal income tax level and the corporate income tax. Obviously, both measures would mean a loss of state tax revenue. To make up the difference, the Task Force on Comprehensive Tax Reform suggested eliminating dozens of tax credits and breaks, including the $1,000-per-person personal [...]
Painting by Kathryn Walker Richardson / Oklahoma State Senate Historical Preservation Fund Lawmakers have Oklahoma’s individual income tax in their crosshairs heading into the next legislative session. But the personal income tax makes up about one-third of the state’s revenue. So, if efforts to reduce or eliminate the tax are successful — the state might [...]
With Republicans controlling Oklahoma’s state government, efforts to reduce or completely eliminate the personal income tax are “moving toward reality,” according to an Oklahoman report. From capitol reporter Michael McNutt: A gubernatorial task force is proposing a 10-year program to significantly reduce then ultimately eliminate the tax. A legislative task force also is looking at [...]
The tax reform task force heard from a trio of small business experts at its final meeting on Thursday. The panel is preparing a report for Gov. Mary Fallin and the Legislature. State Sen. Mike Mazzei, R-Tulsa, told the Tulsa World that the experts agreed on several points. Reporter Wayne Greene with the bullet points: [...]
Eliminating the personal income tax won’t guarantee economic activity, a trio of business professionals told a legislative task force Thursday, the Tulsa World reports. The Task Force on Comprehensive Tax Reform was told that any effort to eliminate or drastically reduce the state personal income tax should be revenue neutral and should not involve shifting [...]
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