Oklahoma governor wants to do away with income tax

[Buddhaman]

You sound rather uninformed here. You do realize that Fallens goal is to trim the government also right? That was a campaign promise anyway (which doesn't always happen) and I think Fallen is more true to her word that some. You also realize that cutting income tax will help gro the state (make it a more atractive place for people to live) thus bringing in more state revenue. Also this will make it a more business friendly state in which to do business creating jobs and thats good for us all.

She needs to follow-through with her previous promises then. So far I haven't heard or read much of the Oklahoma gov't cutting much fat. So far everything sounds good but there needs to be more action with her words.

 

[sumoj275]

So replacing one bad thing with another bad thing is ok? Need a different approach, try again.

 

[Larry Morgan]

Texas also has obscene property taxes.

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

Yes they do. I just bought a house just north of Austin. Property tax? 2.7% You find quite quickly that if you are not careful, you can be paying more in taxes every year than you do in mortgage.

Many people come here from Kommifornia after selling their 1 bedroom shack for an obscene amount of money. Then they come here and buy up a huge house and act like high rollers for a year or two, until they realize they are paying upwards of 4x the taxes they are used to paying on a house that cost them about 40% of what it did in the people's republic o' California.

Our real-estate agent cited on example where one of her client's was adamant about purchasing a huge 5 bedroom 4 bath house. They stayed in it for all of a year before being taxed back out of it.

 

[CHenry]

She needs to follow-through with her previous promises then. So far I haven't heard or read much of the Oklahoma gov't cutting much fat. So far everything sounds good but there needs to be more action with her words.

You expect changes like this to happen over night? Shes still unpacking from the move for cryin out loud.
Give her a chance.

 

[LightningCrash]

She needs to follow-through with her previous promises then. So far I haven't heard or read much of the Oklahoma gov't cutting much fat. So far everything sounds good but there needs to be more action with her words.

She's making progress with her State IT consolidation plan. Might be worth brushing up on.

 

[Buddhaman]

The House author carrying Fallin's IT consolidation plan, Rep. David Derby, said he's confident the proposal will pass, but he admits the roughly $192 million in savings Fallin projected won't be realized in the upcoming fiscal year.

"We're probably looking at $42 million in the first year, with the ultimate goal of $363 million by year five," said Derby, R-Owasso. "It would be a step-by-step process."

It's a start but I'm still weary about wanting to get rid of the income tax until all the bugs come out of the woodwork and we see where the missing revenue will come from.

 

[tran]

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.

Take it away from the free loaders we have in the system. It's about time they pull there weight!

 

[MBowman325]

I've got to chime in on the Texas property taxes… I can’t say mine were obscene, but maybe you guys have bigger houses that I did/do.. Adjusted for value of the home, the 2010 taxes on my old house in Texas are nearly equal to the taxes on my house here in Oklahoma City. The current county appraised value of my old house is 79,121 with $904.75 collected in taxes (no homestead or other credits applied) whereas my house here is listed as 139,117 in 2010 with $1,856 collected as tax.

The old one is a ~1300 sqft 4 bedroom, 2 car garage with a lot size of ~.2 acres. The new house is ~1550 sqft, 3 bedroom, 3 car garage with a lot size of ~.175.

These figures are all publicly available for any property.

It all depends on where you live and how much your house is worth…

Back to something on topic – flat taxes always seemed like an easy way to figure if a change was to be made. The structure is there, just figure out what percentage would be necessary and go from there. And as long as there’s a Federal government, there will be a need for taxes, but I do believe that there are cuts available.

Note: I’m not an economist, nor do I play one in any fantasy world I’m involved in..

 

[BReeves]

Just doing away with the IRS is enough for me to vote for the Fair Tax

 

[benjamin-benjamin]

You expect changes like this to happen over night? Shes still unpacking from the move for cryin out loud.
Give her a chance.

on this forum we don't use logic and we jump to conclusions (always negatively) as quick as possible...