Oklahoma governor wants to do away with income tax

[CHenry]

I'm starting to like Fallen more and more
Theres also a HB to be introduced this year on the OK Fair Tax.
http://newsok.com/oklahoma-governor-wants-to-do-away-with-income-tax/article/3577448

 

[Twmaster]

I heard this in the news last night. +1 for Gov. Fallin

 

[JB Books]

Yes, after yesterday's payment, I may become a Fallin supporter

 

[Perplexed]

So if the income tax is taken away, and the fair tax bill doesn't work out... where's the money going to come from to fund fully the state's budget? I'm all for paying less taxes, but that comes at a cost.

 

[CHenry]

So if the income tax is taken away, and the fair tax bill doesn't work out... where's the money going to come from to fund fully the state's budget? I'm all for paying less taxes, but that comes at a cost.

Your still going to pay taxes but it won't be based on what you make, it will be based on what you spend here in the State. If your rich and you buy lots of toys, property, cars, etc, you'll pay more than the guy like me who saves alot of his money.
The fair tax will be enough to fund our Gov. Texas has been doing it for years.

 

[CHenry]

http://www.okfairtax.org/

The FairTax plan is a comprehensive proposal that replaces all federal income- and payroll-based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.
The FairTax Act (HR.25, S.13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:
-Enables workers to keep their entire paychecks
-Enables retirees to keep their entire pensions
-Refunds in advance the tax on purchases of basic necessities
-Allows American products to compete fairly
-Brings transparency and accountability to tax policy
-Ensures Social Security and Medicare funding
-Closes all loopholes and brings fairness to taxation
-Abolishes the IRS.

 

[natgas]

+1 for eliminating the state income tax; I'd also like to see the sales tax on groceries be eliminated

 

[inactive]

Fallin says she wants to find the best way to fund essential services and make the state more attractive and friendlier to business.

While that is true in spirit, it doesn't state how the OTC will collect taxes, and from where, to pay for State services. I assume they don't have this entirely worked out, hence "a committee is studying possible changes in tax policy?"

 

[mhphoto]

The fair tax will be enough to fund our Gov. Texas has been doing it for years.

Texas also has obscene property taxes.

 

[CHenry]

Texas also has obscene property taxes.

Yeah I have heard that. No doubt they will get the money someplace...