Eliminate income taxes over 10 years?

[Hoss]

Okla. House ponders Fallin income tax plan

http://www.fox23.com/news/local/story/Okla-House-ponders-Fallin-income-tax-plan/FoS_QtFAmkWNYD5Tuq4_yA.cspx?rss=2448&utm_source=twitterfeed&utm_medium=twitter

The statement in that last sentence may not bode well for the bill in its current form.

[sauerkraut]

Say what ya want but the facts speak loud and clear- Oklahoma's unemployment rate has just dropped another notch with Mary Fallin running the ship. If we can get thru her tax plans many out-of-state companies will move into Oklahoma and the economy here will take off. Oklahoma is on the right track.

[Hoss]

Say what ya want but the facts speak loud and clear- Oklahoma's unemployment rate has just dropped another notch with Mary Fallin running the ship. If we can get thru her tax plans many out-of-state companies will move into Oklahoma and the economy here will take off. Oklahoma is on the right track.

OK, then every time the unemployment rate nationally drops, you have give it up to our current CiC.  No?  Didn't think you would.

Fallin will likely bankrupt this state.

[Townsend]

Fallin will likely bankrupt this state.

I'm hoping someone will stop her from doing that.

[nathanm]

Oklahoma is on the right track.

What, the track to Blake's new concert venue? I've always wanted to live in an abandoned industrial site.

[Conan71]

I'm hoping someone will stop her from doing that.

If the trade out between closing out tax breaks and eliminating income taxes truly balances, that's really an ideal situation.  It becomes a much fairer system of taxation with far fewer gimmicks which allow for creative ways to avoid paying taxes.  That's the main problem with the Federal tax code is it's entirely too complicated due to far too many breaks and rates.

I've not read far enough into this plan to see if it really does balance.  Given the failures I've seen from fiscal conservatives the last 10 years or so, I'm highly skeptical.

Aside from that, Sauer, we could take away all taxes in Oklahoma, but companies still won't move to a state where we pass incredibly stupid "moral" laws which would make even Queen Victoria blush at their chaste intentions.

[Townsend]

If the trade out between closing out tax breaks  

I'd be shocked as shocked could be.

but companies still won't move to a state where we pass incredibly stupid "moral" laws which would make even Queen Victoria blush at their chaste intentions.

Oy, no joke.

[heironymouspasparagus]

Say what ya want but the facts speak loud and clear- Oklahoma's unemployment rate has just dropped another notch with Mary Fallin running the ship. If we can get thru her tax plans many out-of-state companies will move into Oklahoma and the economy here will take off. Oklahoma is on the right track.

Amazing how you come up with all this stuff, with all the reality around to show otherwise.

We are trying to become Mississippi or Alabama.

[sauerkraut]

Amazing how you come up with all this stuff, with all the reality around to show otherwise.

We are trying to become Mississippi or Alabama.

Sure, raise taxes and see the companies (and residents) flee the state- and then state will have to raise taxes even more to make up for the loss of jobs, people  and business, forcing more companies and residents to flee and what you have is a democrat cycle of economic collapse, the state will have to keep raising more & more taxes to keep things going and pay the bills. Oklahoma will become like another Michigan or Ohio bleeding jobs and residents. Cutting taxes brings in more money to the state, attracting business, residents and jobs growing the economy and making more money for the state and you have a growing economy. Raising taxes does not make a booming economy, it makes an recession. No state with high taxes has a booming strong economy. Mary Fallin Rockz. She's making all the right moves IMO.

[Hoss]

Sure, raise taxes and see the companies (and residents) flee the state- and then state will have to raise taxes even more to make up for the loss of jobs, people  and business, forcing more companies and residents to flee and what you have is a democrat cycle of economic collapse, the state will have to keep raising more & more taxes to keep things going and pay the bills. Oklahoma will become like another Michigan or Ohio bleeding jobs and residents. Cutting taxes brings in more money to the state, attracting business, residents and jobs growing the economy and making more money for the state and you have a growing economy. Raising taxes does not make a booming economy, it makes an recession. No state with high taxes has a booming strong economy. Mary Fallin Rockz. She's making all the right moves IMO.

Wow.  You just cannot be for real.

[nathanm]

Oklahoma will become like another Michigan or Ohio bleeding jobs and residents.

You do realize that since 1990 Ohio has elected 5 governors, 4 of whom have been Republican? Accepting your premise for the sake of argument, they had 16 years straight in the governor's mansion and still failed to turn the state around by whatever metric you're using. Why would Republican policies do better in Oklahoma?

[RecycleMichael]

No state with high taxes has a booming strong economy.

If only it was that simple.

A total of 41 states impose income taxes. New Hampshire and Tennessee apply it only to income from interest and dividends. Seven states (Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming) do not tax personal income. Of the 41 with a broad-based income tax, 35 base the taxes on federal returns, typically taking a portion of what you pay the IRS or using your federal adjusted gross income or taxable income as the starting point.

All states except Alaska, Delaware, Montana, New Hampshire and Oregon, collect sales taxes. Delaware collects a Gross Receipts Tax (GRT) which is a business and gross receipts tax that can total 2.07%. Some have a single rate throughout the state though most permit local city and county additions to the base tax rate. Those states with a single rate include Connecticut, District of Columbia, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, Rhode Island, and West Virginia.

States with the highest sales tax are: California (7.25%), Indiana (7%), Mississippi (7%), New Jersey (7%), Rhode Island (7%), Tennessee (7%), Minnesota (6.875%), Nevada (6.85%), Arizona (6.6%), Washington (6.5%), Kansas (6.3%), Texas and Illinois (6.25%).

Most states exempt prescription drugs from sales taxes. Some also exempt food and clothing purchases and a few also exempt non-prescription drugs.

Under federal law, taxpayers may be required to include a portion of their Social Security benefits in their taxable adjusted gross income (AGI). Most states begin the calculation of state personal income tax liability with federal AGI, or federal taxable income. In those states, the portion of Social Security benefits subject to personal income tax is subject to state personal income tax unless state law allows taxpayers to subtract the federally taxed portion of their benefits from their federal AGI in the computation of their state AGI.

Many states exclude Social Security retirement benefits from state income taxes. The District of Columbia and 27 states with income taxes provide a full exclusion for Social Security benefits — Alabama, Arizona, Arkansas, California, Delaware, Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Virginia and Wisconsin.

The remaining 14 states with broad-based income taxes tax Social Security to some extent:
■Minnesota, Nebraska, North Dakota, Rhode Island, Utah, Vermont and West Virginia tax Social Security income to the extent it is taxed by the federal government.
■Connecticut, Iowa, Kansas, Missouri and Montana tax Social Security income above an income floor. Iowa will gradually phase out its Social Security tax levy from 2008 through 2014. Missouri will phase out its Social Security tax levy by 2010. Kansas residents can exclude Social Security income if their adjusted gross income is less than $75,000.
■Colorado and West Virginia provide a general retirement income exclusion or credit that may result in the exclusion from taxation of part or all of Social Security benefits, or a credit against taxes otherwise due on Ssocial Security benefits.

http://www.retirementliving.com/taxes-by-state

Please explain which taxes and which states you believe back up your argument?

[Conan71]

Sauer, our tax rates don't matter when potential new employers take a look at all the stupid moralist laws our legislature keeps passing or trying to pass. 

[Hoss]

Sauer, our tax rates don't matter when potential new employers take a look at all the stupid moralist laws our legislature keeps passing or trying to pass. 

Threadwinner.

[Ed W]

Say what ya want but the facts speak loud and clear- Oklahoma's unemployment rate has just dropped another notch with Mary Fallin running the ship. If we can get thru her tax plans many out-of-state companies will move into Oklahoma and the economy here will take off. Oklahoma is on the right track.

Why would you think that Mary Fallin had anything to do with reducing the unemployment rate?  It's an article of faith among Republicans that the market controls such things, not the government.  Besides, a simple correlation doesn't necessarily imply that one event was the cause of another.  Over the same time span, the Euro plummeted, Wall Street rebounded, and Rick Santorum rose in the polls.  It would be equally valid to suppose that Fallin was responsible for those events, too.