Eliminate income taxes over 10 years?

[AquaMan]

Home Depot? Do they want your property or is it just becoming to expensive to maintain?

The latter.

Its time for the home to be updated. Apparently my 80's-90's decorating is no longer popular. Not enough marble, granite, laminate floors and faux finishes!

[Red Arrow]

What state are you in?

Most of us live in the State of Confusion.

[Red Arrow]

The latter.

Its time for the home to be updated. Apparently my 80's-90's decorating is no longer popular. Not enough marble, granite, laminate floors and faux finishes!

Mrs. Aquaman doesn't like it?  Otherwise, why change it unless you plan to sell it anyway.  If you are planning to sell anyway, good luck.  There has to be something corresponding to: a paint job will (usually) help sell an airplane but you won't get your money back on avionics.

[AquaMan]

Mrs. Aquaman doesn't like it?  Otherwise, why change it unless you plan to sell it anyway.  If you are planning to sell anyway, good luck.  There has to be something corresponding to: a paint job will (usually) help sell an airplane but you won't get your money back on avionics.

Good advice. Thanks. We may be selling this year if I can't get the income to match the rise in the cost of living over here so I'm preparing for that.

[AquaMan]

I'm not so sure that the absense of a state income tax has much to do with unemployment right now. Texas was doing well, but seemed to do a lot of slipping during the recession. My own state doesn't have a state income tax and we have a very low unemployment rate. In fact, we have a shortage of workers.

Jammie, here is a post I made with research from a previous thread on this subject. I mistakenly remembered Maine, it was actually New Hampshire. Doesn't matter, damn Yankees both of them!


   
   
Re: Fallin cuts top tax rate, says state revenue growth is enough.
« Reply #31 on: February 18, 2012, 05:19:17 pm »
Quote from: sauerkraut on February 18, 2012, 03:40:04 pm
Don't forget Texas is not the only state with no income tax, South Dakota, Wyoming, FL, Nevada, Washington and a few others have no income tax and they are all doing well, soon Oklahoma may joint the list of no-income tax states. I don't know what the prop taxes rates are in other states with no income tax. Most states do not tax food either.

Here are two of those states that have no income tax that you think are doing well:

Nevada....12.9% unemployment rate ....#51 ranking...highest unemployment in the nation
Florida....9.9% unemployment rate....#45 ranking
In fact only 2 of the states without income tax (you didn't mention Tennessee #35, Alaska #21, New Hampshire #4) are in the top half of the states rankings of unemployment. Texas is at #25. This according to the Bureau of Labor statistics.

[sauerkraut]

Jammie, here is a post I made with research from a previous thread on this subject. I mistakenly remembered Maine, it was actually New Hampshire. Doesn't matter, damn Yankees both of them!


   
   
Re: Fallin cuts top tax rate, says state revenue growth is enough.
« Reply #31 on: February 18, 2012, 05:19:17 pm »
Quote from: sauerkraut on February 18, 2012, 03:40:04 pm
Don't forget Texas is not the only state with no income tax, South Dakota, Wyoming, FL, Nevada, Washington and a few others have no income tax and they are all doing well, soon Oklahoma may joint the list of no-income tax states. I don't know what the prop taxes rates are in other states with no income tax. Most states do not tax food either.

Here are two of those states that have no income tax that you think are doing well:

Nevada....12.9% unemployment rate ....#51 ranking...highest unemployment in the nation
Florida....9.9% unemployment rate....#45 ranking
In fact only 2 of the states without income tax (you didn't mention Tennessee #35, Alaska #21, New Hampshire #4) are in the top half of the states rankings of unemployment. Texas is at #25. This according to the Bureau of Labor statistics.

Not so fast, Nevada has a one industry economy, gambling/tourists- when people can't afford to vacation because of Obama's economy  and Obama's high gas prices it hurts Nevada -income tax or not. Tennessee has no income tax BUT they do tax Intrest & investment income at 6% so Tennessee chokes investments. Let's look at South Dakota with no income tax and low unemployment and cheap cost of living, that state is doing good with one of the lowest unemployment rates around. Florida has no income tax but the make up of the state is retired people and the major industry is tourism, and like in Nevada when the economy is bad people can't afford a vacation in Florida and that hurts hotels, and it ripples thru the state's economy. Then you can look at the economy of high taxed states like Michigan, Ohio, and California, things are very grim there. Michigan's housing is really down big time as is the case in all high taxed states.

[sauerkraut]

If Mary Fallin can rid Oklahoma of a income tax once & for all, Oklahoma will be sitting pretty and drawing in jobs from neighboring states. Things will really boom and take off.

[swake]

Not so fast, Nevada has a one industry economy, gambling/tourists- when people can't afford to vacation because of Obama's economy  and Obama's high gas prices it hurts Nevada -income tax or not. Tennessee has no income tax BUT they do tax Intrest & investment income at 6% so Tennessee chokes investments. Let's look at South Dakota with no income tax and low unemployment and cheap cost of living, that state is doing good with one of the lowest unemployment rates around. Florida has no income tax but the make up of the state is retired people and the major industry is tourism, and like in Nevada when the economy is bad people can't afford a vacation in Florida and that hurts hotels, and it ripples thru the state's economy. Then you can look at the economy of high taxed states like Michigan, Ohio, and California, things are very grim there. Michigan's housing is really down big time as is the case in all high taxed states.

South Dakota sure is booming. They have added a whopping 120k people over the last 50 years. Slow growth Oklahoma has added more than 1.4 million people in that period.

Try and pick another state please

[Hoss]

If Mary Fallin can rid Oklahoma of a income tax once & for all, Oklahoma will be sitting pretty and drawing in jobs from neighboring states. Things will really boom and take off.

Suuuure it will.  Once again, you've proven your economic degree was obtained from a confection prize.

[guido911]

We can't eliminate income taxes. The have nots would go on suicide watch.

[Hoss]

We can't eliminate income taxes. The have nots would go on suicide watch.

I don't mind eliminating income tax, but people have to know it will be made up somewhere.  To say that eliminating the income tax will make Oklahoma more attractive as a business-oriented state is wrong.  We've proven that Texas has a higher tax burden (with no state income tax) than Oklahoma does (with state income tax).  That means it will be made up somewhere else.  Likely property/ad valorem taxes.

[AquaMan]

Not so fast, Nevada has a one industry economy, gambling/tourists- when people can't afford to vacation because of Obama's economy  and Obama's high gas prices it hurts Nevada -income tax or not. Tennessee has no income tax BUT they do tax Intrest & investment income at 6% so Tennessee chokes investments. Let's look at South Dakota with no income tax and low unemployment and cheap cost of living, that state is doing good with one of the lowest unemployment rates around. Florida has no income tax but the make up of the state is retired people and the major industry is tourism, and like in Nevada when the economy is bad people can't afford a vacation in Florida and that hurts hotels, and it ripples thru the state's economy. Then you can look at the economy of high taxed states like Michigan, Ohio, and California, things are very grim there. Michigan's housing is really down big time as is the case in all high taxed states.

My, aren't we full of ifs, buts and jumping to conclusions.

I used the Bureau of Labor statistics. Perhaps you could share where you got your fantasies? Its like this...you have a conclusion (that zero taxes creates good state economies while all other taxes, and of course Obama, causes any bad economies) and you're willing to make up all kinds of excuses and rationalizations to prove that conclusion. That's what politics do to a person.

Make note that gambling is like alcohol consumption, it grows during bad times because people need a good distraction and a strong drink. It grows in good times because people want to celebrate and have a strong drink. Your argument is lacking for other reasons. Vegas draws from all over the world which is why people fly there instead of drive and if your argument doesn't hold for states that are single industry then you should stop right there. Oklahoma is oil.

Really, I don't need to go any further. Your analysis is sophomoric and filled with conjecture. Try again when you can look up stuff.

[AquaMan]

Ok, doofus. I did some simple 2 minute research and found this which will give you some room to back out but will refute even more of your fantasies.

http://usgovinfo.about.com/od/incometaxandtheirs/a/nostatetax.htm

It says that even though population growth is rising above average in the states without income tax, that the states themselves have found other ways to replace that revenue. Even though their population is growing, and maybe because it is growing, I repeat, ONLY TWO OF THE STATES WITHOUT INCOME TAX ARE IN THE TOP TWENTY FIVE OF THE UNEMPLOYMENT RATES (South Dakota and New Hampshire). The rest are sucking in employment but of course, that is Obama's fault so you're covered big guy.

Also, you note that Tennessee is choking off its economy because it taxes interest and investment income YET, the best performing state economy of the zero tax states, NUMBER 4, was New Hampshire AND THEY TAX INTEREST AND INVESTMENT INCOME. Imagine that. Facts.

[jne]

Not that I want to participate in this conversation, but I'm surprised no one mentioned today's blog from OK Policy Institute.

http://okpolicy.org/blog/taxes/betting-the-farm-ending-the-income-tax-creates-huge-risks-for-rural-oklahoma/

[TheArtist]

Not that I want to participate in this conversation, but I'm surprised no one mentioned today's blog from OK Policy Institute.

http://okpolicy.org/blog/taxes/betting-the-farm-ending-the-income-tax-creates-huge-risks-for-rural-oklahoma/

  The fascinating thing is, that it's likely to be those rural voters who will be most adamantly for eliminating the income tax. 

  I was in a small rural town a while back and was struck at how conservative the people were.  I was there to do some antiquing, hunting for Art Deco stuff, and every time I bought something the person ringing me up would say "and now for the governments take" or something like that, in a snarky voice.  They were going to make a point of reminding you every time you bought something of how bad taxes were. And would overhear them talking about how horrible government and taxes were.  And I kept thinking, I wonder if this little town could pay for the roads that got me waaaay out here to their little town from Tulsa?  Or even the infrastructure they had in the town without state or federal help?  They probably don't like "big cities" either.  But it's fine with me, cut state taxes and let them cut their noses off to spite their faces if they will.   I am still for less state intervention and state government.

Yes, all the states who do not have income tax do have higher property taxes, and I agree that that may be a likelihood here.  But A.  That tax is can be controlled locally, aka here in Tulsa and not OKC.  B.  It doesn't mean that the property tax has to be AS high as in some of those other states. The over all tax burden doesn't HAVE to be higher than what we have now.