Not that I’m going to turn it down or anything what, are you nuts? but I’m just not the kind of guy who jumps up and down yelling “Tax cut! Tax cut!”
Not for this pittance, anyway:
Senate Bill 1246 will gradually lower Oklahoma’s top income tax rate from 5.25 percent to 4.85 percent over several years. The cuts are dependent on revenue triggers, meaning general revenue in Oklahoma must see an increase before the cuts take effect.
“This is a responsible, measured tax cut that will make Oklahoma more economically competitive while providing much needed tax relief to working families,” said Fallin. “If Oklahoma wants to attract and retain good jobs rather than losing them to neighboring states we must improve our tax climate. I am proud that the Legislature has taken action to do so and I am happy to sign this bill into law.
“This tax cut will put more than $200 million annually into the economy and make Oklahoma a better place to do business, meaning more opportunities and jobs for Oklahoma families and more revenue for core government services.”
You know who’s going to be most impressed by this? Characters who can’t afford to move from where they are but still fantasize about packing their bags, and who spend several hours a day looking at infographics and other crap in an effort to find the Absolute Best Place that they’re never actually going to live.
Oh, and Grover Norquist.
My usual complaint about the state income tax follows:
SB 1246 affects Oklahoma’s top income tax bracket, which applies to individuals earning more than $8,700 a year or couples earning more than $15,000 a year.
No way on God’s semi-green earth should someone making a quarter over minimum wage be in the top bracket.