Yesterday was the first day of the 2017 legislative session. The first order of business was Governor Fallin's State of the State address. While Governor Fallin proposed some good ideas - like getting rid of the grocery tax - she more than made up for those good ideas with bad ideas. For example, Governor Fallin proposed expansion of sales taxes and increase of the gasoline tax. The Governor's new taxes far exceed any savings anyone would recognize from repeal of the grocery tax. The end result would be more taxes on working Oklahoman's (appx. $1.0 billion dollars).
Perhaps the biggest shock was Governor Fallin's proposal to get rid of the corporate income tax because it was "volatile." I fail to understand how the corporate income tax is "volatile," but even assuming it is, that's not a reason to get rid of it; after all, we still have a gross production tax on oil and gas, which is considered "volatile."
There was an article in the Journal Record today titled, "Kansas GOP Leaders Accelerate Work on Income Tax Increases." Kansas has instituted the same failed economic policies that Oklahoma has instituted. Those failed policies have resulted in a budget deficit of $1.1 billion in Kansas - sound familiar?
It's time for the legislature to get real about increasing revenue in this state - and not on the backs of those that can least afford it. I'm hoping we'll see that change this session, but that is up to you contacting your legislators and telling them that you are fed up with budget deficit after budget deficit. I look forward to my next post, where I hope to be able to tell you that we're working towards a solution for our budget problems. Until then, stay tuned.
