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Higher taxes dont ease states budget deficits (EDITORIAL)

Higher taxes dont ease states budget deficits (EDITORIAL)

NewsOK

The Oklahoman Editorial 

Published: May 16, 2010

MUCH huffing and puffing was heard last December after news surfaced that Oklahoma had the nation’s largest budget deficit, percentage-wise. This fueled more anger over the personal income tax cuts of the past few years.

Here’s an update: Oklahoma doesn’t have the largest budget deficit for fiscal 2010 as a percentage of the general fund. What’s more, some states with much higher income tax rates have higher budget deficits.

Along with Democratic Gov. Brad Henry and Republican leaders in the Legislature, we’ve said for months that the state’s fiscal crisis isn’t due to the income tax cuts. Yes, those cuts have complicated matters, but they didn’t create the crisis.

Had the cuts not been made, revenues would still be in the trough and more money would have been appropriated, leading to a similar — or worse — scenario than what we face today... FULL ARTICLE

 

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