Whether it is the politics of envy, a failed stimulus plan, government officials who think welfare is the best way to stimulate the economy, the disasters of Obamacare, or an out-of-control EPA, it is clear that Obama’s policies are having the effect of an epidemic on the 50 states’ economies.
Some states such as Illinois have decided to speed up the results of the epidemic. Oklahoma has an opportunity to give its economy and its citizens a much needed vaccination against Obama’s policies. This can be done by following the wish of Governor Mary Fallin, who says she wants to phase out the state’s income tax.
If Oklahoma eliminated its personal income tax it would infuse Oklahoma taxpayers and our economy with game changing economic freedom, and provide the opportunity for Oklahoma to market itself as likely the state with the lowest tax burden. Eliminating the income tax, based on 2010 data, would likely provide Oklahoman’s with the following savings:
• Single Person Gross Income $30,000 – Savings – $950
• Family of 4 Gross Income $50,000 – Savings – $1,373
• Family of 4 Gross Income $60,000 – Savings – $1,924
• Family of 4 Gross Income $75,000 – Savings – $2,748
• Family of 4 Gross Income $100,000 – Savings – $3,651
The good news for policymakers who are trying to determine the best course of action is that voters want smaller government and lower taxes. The good news for taxpayers and voters is that policymakers like State Representative Tom Newell and State Senator Greg Treat understand what needs to be done to eliminate Oklahoma’s personal income tax.
It’s time for Oklahoma to get a much needed “shot in the arm,” a vaccination that is against the effect of Obama’s policies in Oklahoma. We at OCPA can’t help but believe that a complete phase out of the state’s personal income tax is “just what the doctor ordered."