1 February 2005
Checking out Brad's package
Brad Henry's tax package, that is.
A few things perplex me about it who knew there was a constitutional maximum on the Rainy Day Fund? and "targeted" tax cuts usually mean I don't get squat, but this doesn't seem too awful. This year's $200-million surplus (thanks at least partially to petroleum prices out the wazoo) will be split down the middle, taxpayers to get one half as a rebate, the new EDGE Endowment to be seeded with the other.
Over and beyond this bit of spending, there are actual tax cuts: capital gains on Oklahoma property, eliminated last year for individuals, would be eliminated for corporations as well; the list of heirs qualifying for estate-tax exemption would be extended to include siblings; the personal exemption for retirees would be boosted from $7500 to $10,000; and there will be a sales-tax holiday counterprogrammed against one already scheduled in Texas.
House Republicans, I think, will probably insist on an income-tax rollback as well, but the Governor's proposal is a reasonable start. All else being equal, though, I'd rather have the brackets moved downward than get a one-time check.Posted at 9:51 PM to Soonerland