Last year I talked with a candidate for the state House, and let it be known that I was less interested in seeing the income-tax rate cut than I was in seeing the brackets broadened: I’m not so damnably wealthy, yet I’m always at the top marginal rate. (That rate, for 2012, was 5.25 percent; it kicks in at get this $8700.)
HB 2032 would reduce the state’s top income tax rate, which most residents pay, to 5 percent from 5.25 percent effective Jan. 1, 2015.
[Rep. Scott] Martin [R-Norman] said about 62 percent of taxpayers would see a benefit by paying less in income taxes; none would see an increase.
Cutting the rate to 5 percent would save the average taxpayer about $88 per year and cost the state an estimated $130 million annually when fully implemented, Martin said.
This is pretty much a done deal Mary Fallin is hot to sign some sort of tax cut, because hey, tax cut! but I still question the propriety of having five out of every eight taxpayers in the top tax bracket.
And despite the fact that the State Capitol is now starting to look like the world’s largest abandoned Taco Bell, I’m not the only one who questions the propriety of shoving an appropriation to fix up the joint into a tax-cut measure:
“This bill has two topics in it,” said Rep. Joe Dorman, D-Rush Springs. “It is going to the [state] Supreme Court. It is going to get thrown out.”
Is it possible that the Republican majority didn’t think of that?