The Oklahoma Senate on Wednesday passed Gov. Mary Fallin’s tax-cut proposal.  The measure is expected to wind up in a conference committee with several other tax-cut proposals.  House Bill 3061 would reduce Oklahoma’s current tax structure to three brackets from seven.  Under the measure, individuals earning less than $15,000 a year and couples earning $30,000 or less would pay no state income tax.  Individuals earning at least $15,000 but less than $35,000 and couples earning at least $30,000 but less than $70,000 would pay 2.25 percent on all income.  Individuals earning more than $35,000 and couples earning more than $70,000 would pay 3.5 percent on all income.  Oklahoma’s current top income tax rate is 5.25 percent.  The measure would eliminate many tax credits and exemptions, according to Fallin’s office.

It would also provide for the eventual elimination of the state income tax, with additional yearly reduction of .25 percent to the tax rate linked to a 5 percent growth in state tax revenue collections, according to Fallin’s office.
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My opinion: All of this is well and good, but without reductions in spending, we may be looking at shortfalls in future years. Because of law in Oklahoma, about the only way to raise income taxes is through voter referendum, I do not like the thought of shifting losses in revenue to other exemptions (specifically, the proposal to eliminate the farm sales tax exemption) or shifting burdens to landowners (increases in property taxes). My proposal would be lower tax rates, but hold off on elimination until there is significant surplus for years that show the State is on the proper fiscal track.