The Finch Formerly Known As Gold

28 December 2003

Bracket creep

Oklahoma state tax brackets, except for the very top, have not been adjusted for twenty years. Senate Bill 859, introduced by Randy Brogdon, an Owasso Republican, would provide an inflation adjustment for those brackets equal to the increase in the Consumer Price Index.

Brogdon describes the bill as a "baby step", suggesting he has other ideas to patch up the tax code. If he hasn't already thought about it, I'd like to propose that he do something about the standard deduction, which has never kept up with the federal standard deduction, let alone the rate of inflation: it's 15 percent of adjusted gross income, with a minimum of $1000 and a maximum of $2000. (I hasten to point out that I will not personally benefit from this change, inasmuch as I will be itemizing deductions beginning in tax year 2004.)

Posted at 9:48 AM to Soonerland