Auditor Gary Jones today called on State Lawmakers to not only postpone the law that would reduce the Oklahoma State Income Tax from 5% to 4.85% but to actually repeal it.
Jones said the Oklahoma legislature should be fiscally responsible and quit worrying about being politically correct. “This law was written on the premise that taxes would be cut based on increasing revenues,” said Jones. “Nothing could be further from the truth. Right now we have a defective statute that reduces taxes based on comparing estimates from different points in time. It does not reflect what is actually occurring in the state’s revenue streams.”
Jones said he believes the best option at this point would be “to repeal the flawed trigger in the law and to base possible future tax cuts on fiscally responsible methods, not revenue estimates that have proven difficult, if not impossible, to predict.”
