OK State Income Tax Reduction

[Hobbes]

Reduction, NOT elimination

This is from a larger AP article.


A similar debate is unfolding in Oklahoma, where the plan calls for reducing the income tax from 5.25 percent to 4.75 percent by eliminating the personal exemption for every household member, including children, as well as the child tax credit and earned income tax credit.

An analysis by the Oklahoma Policy Institute shows those steps would raise taxes for 55 percent of Oklahomans, mostly low-income families and those with children.


http://news.yahoo.com/emboldened-gop-wants-abolish-state-income-taxes-201249619.html

Seems like taking money out of one of my pockets, putting it another pocket and telling me they gave me my money back but hey, that's just me.
So the question is, how will you be impacted if your state income tax is reduced by 0.5% but you lose your personal exemption as well as exemptions for your children and spouse?

 

[SoonerStatePawn]

I'm married with three kids, so I guess whatever I owe each April will increase by that much.

 

[Seadog]

Im single with no kids so I have no sympathy for anybody that pays less than my 27% tax. Far as I am concerned. Basicaly I work for free one week out of every month for my master so he can give it to some one else to buy votes.

 

[Hobbes]

I'm single in my mid 50's earning fairly good money so I figure it's a good deal for me(right now)
In a few years when I retire and live on a much smaller income it may not be to my advantage.

 

[JPK]

Follow the money!!!

 

[tRidiot]

Gotta love that earned income credit to pay people to have more babies.


I loved it last year when my mom helped one of her employees who was making like $10/hr to do her taxes. Me and mom worked a ton more hours, made a ton more money and paid a shite-ton more in, but she and her 4 kids from different daddies walked away with a nearly $8,000 tax "refund".

Screwed up retarded system...

 

[Blinocac200sx]

Im single with no kids so I have no sympathy for anybody that pays less than my 27% tax. Far as I am concerned. Basicaly I work for free one week out of every month for my master so he can give it to some one else to buy votes.

But that's also how they divide and conquer. They get you to accept a tax increase as a cut, because it is for you. Don't get me wrong, I understand what you're saying. But let's keep our eyes on the prize, the way we do taxes is utterly ridiculous, and needs a total overhaul.

 

[HMFIC]

I'm married with three kids, so I guess whatever I owe each April will increase by that much.

Same here.

Thanks for posting Hobbes. Hadn't heard about this yet.

 

[30BulletHoles]

Reduction, NOT elimination

This is from a larger AP article.


A similar debate is unfolding in Oklahoma, where the plan calls for reducing the income tax from 5.25 percent to 4.75 percent by eliminating the personal exemption for every household member, including children, as well as the child tax credit and earned income tax credit.

An analysis by the Oklahoma Policy Institute shows those steps would raise taxes for 55 percent of Oklahomans, mostly low-income families and those with children.


http://news.yahoo.com/emboldened-gop-wants-abolish-state-income-taxes-201249619.html

Seems like taking money out of one of my pockets, putting it another pocket and telling me they gave me my money back but hey, that's just me.
So the question is, how will you be impacted if your state income tax is reduced by 0.5% but you lose your personal exemption as well as exemptions for your children and spouse?

I have to pay in to Oklahoma every year so a .5% reduction in exchange for my child tax credit is worthless.

 

[vvvvvvv]

Seems like taking money out of one of my pockets, putting it another pocket and telling me they gave me my money back but hey, that's just me.

That's par for both parties.

Just like there for a while, the current crop of Republicans were taking credit for "cutting" the income tax, even though it was automatically triggered by a statute that has been in place since ?2003?.