23 December 2003
A muted "ka-ching"
The income-tax law in Oklahoma has an interesting quirk: if the State Equalization Board, after reviewing budgets and projections and such, certifies that the state's revenues will increase for the next calendar year, the tax rate must be cut to compensate.
The Board has so certified for 2004, so next year's tax rate will be reduced; the top rate, now 7 percent, will drop to 6.65 percent. Lower brackets are not affected, but considering how fast those brackets go by a single person reaches the top rate with a taxable income of $10,000 this really isn't the sop to the rich that you might think. (The Bureau of the Census guesstimates the per capita income for 2002, the latest figures I found, to be $25,575.) Still, it would seem fairer to reduce all the brackets.