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The Water Cooler
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OK State Income Tax Reduction
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<blockquote data-quote="Hobbes" data-source="post: 1707978" data-attributes="member: 3371"><p>Reduction, NOT elimination</p><p></p><p>This is from a larger AP article.</p><p></p><p></p><p>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.</p><p></p><p>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.</p><p></p><p></p><p><a href="http://news.yahoo.com/emboldened-gop-wants-abolish-state-income-taxes-201249619.html" target="_blank">http://news.yahoo.com/emboldened-gop-wants-abolish-state-income-taxes-201249619.html</a></p><p></p><p>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.</p><p>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?</p></blockquote><p></p>
[QUOTE="Hobbes, post: 1707978, member: 3371"] 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. [url]http://news.yahoo.com/emboldened-gop-wants-abolish-state-income-taxes-201249619.html[/url] 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? [/QUOTE]
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