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The Water Cooler
General Discussion
SQ 766 - Ban Taxation on Intangible Assets - Poll
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<blockquote data-quote="Model 70" data-source="post: 1971434" data-attributes="member: 4583"><p><em>Intangible Personal Property which is still currently taxed but would not be taxed if the measure is adopted, includes items such as:</em></p><p><em></em></p><p><em> * patents, inventions, formulas, designs, and trade secrets;</em></p><p><em> <strong><u>* licenses, franchise, and contracts;</u></strong></em></p><p><em> <strong><u>* land leases, mineral interests, and insurance policies;</u></strong></em></p><p><em> * custom computer software; and</em></p><p><em> * trademarks, trade names and brand names. </em></p><p></p><p>I have seen the advertisements on the television about this state question. The context of the ad states something along the line of "Now they want to tax my business name and trademark" as if this in the only thing that is affected. Listening to the manner is which it is presented, a person would be led to believe that the Intangible Property Tax is something new, a new evil tax that would put a further burden on his family business that has provided jobs in the community etc, etc, ad nauseum, and a Yes vote for SQ766 is gonna save all the small businesses from catastrophe. </p><p></p><p>A little research shows that the tax on intangible assets has been in place for a while. Research also shows that the large businesses that are already making huge profits here in Oklahoma stand to gain the most from a yes vote on SQ766. A yes vote is estimated to result in a 50 million dollar tax shortfall, a large chunk of which goes to education. State governments do not just eat a 50 million dollar tax shortfall, it just gets shifted to something else, like property taxes.</p><p></p><p>I'm just sayin............ It might be a good idea to think about this one.</p><p></p><p>I wonder who it is that is paying for this ad which runs about 30 times a day.</p></blockquote><p></p>
[QUOTE="Model 70, post: 1971434, member: 4583"] [I]Intangible Personal Property which is still currently taxed but would not be taxed if the measure is adopted, includes items such as: * patents, inventions, formulas, designs, and trade secrets; [B][U]* licenses, franchise, and contracts;[/U][/B] [B][U]* land leases, mineral interests, and insurance policies;[/U][/B] * custom computer software; and * trademarks, trade names and brand names. [/I] I have seen the advertisements on the television about this state question. The context of the ad states something along the line of "Now they want to tax my business name and trademark" as if this in the only thing that is affected. Listening to the manner is which it is presented, a person would be led to believe that the Intangible Property Tax is something new, a new evil tax that would put a further burden on his family business that has provided jobs in the community etc, etc, ad nauseum, and a Yes vote for SQ766 is gonna save all the small businesses from catastrophe. A little research shows that the tax on intangible assets has been in place for a while. Research also shows that the large businesses that are already making huge profits here in Oklahoma stand to gain the most from a yes vote on SQ766. A yes vote is estimated to result in a 50 million dollar tax shortfall, a large chunk of which goes to education. State governments do not just eat a 50 million dollar tax shortfall, it just gets shifted to something else, like property taxes. I'm just sayin............ It might be a good idea to think about this one. I wonder who it is that is paying for this ad which runs about 30 times a day. [/QUOTE]
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