Oklahoma's personal income tax generates about one third of the money appropriated by legislators for state services, and getting rid of it would mean increasing other taxes or creating new ones, economists say.
NewsOK
BY MICHAEL MCNUTT mmcnutt@opubco.com
Published: November 18, 2011
Oklahoma can repeal and modify the state's personal income tax, which brings in about one-third of the money appropriated by legislators to pay for state services, but must raise others to replace state revenue losses, three university economists told a legislative committee Thursday.
For Alexander Holmes and Larkin Warner, it was the same conclusion they reached 10 years ago after working on a study that looked at eliminating the personal income tax and exempting groceries from the state sales tax.
“It's willful ignorance of somebody to propose abolishing the personal income tax,” said Holmes, “If you did abolish the personal income tax, you would have enough money probably to ... get the roads paved, you could educate kids throughout the sixth grade and that would be it.” FULL ARTICLE
Posted on
Fri, November 18, 2011
by John Cox