Many Oklahomans are worried about the economy and jobs. Government cannot create jobs, it can create a job-friendly environment however. In order to do so, we need less regulation, not more of it. We need less taxation instead of steadily increasing the tax burden.
Much political theater had been made about eliminating the Oklahoma state income tax. While those politicians in office have only been talking about it for the last three months, others have been looking at it and suggesting it for years.
In fact, of our current state budget, only 20-25% comes from income tax revenues. That same amount goes back out as income tax credits and repayments. This money is not going to fund our schools, roads, bridges, infrastructure, etc. By eliminating the state income tax it would bolster our economy in multiple ways.
First of all, we would have more money in our own pockets to invest and help our economy, or to spend and cause an increase in sales tax revenue without having to raise the tax rates! Secondly, it would create a huge job market for companies looking to relocate to more tax- friendly states, such as the eight other states with zero income tax.
Actually, Oklahoma would be the most enticing state to any company looking to relocate, because we would not have to increase our property taxes like Texas has done to make up for the lost income tax revenues. This is a win-win solution for Oklahoma that would boost our economy as well as our job market and would quickly make us a leading economic force in our nation.