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Governor Fallin unveiled her new tax plan last week. Let’s look at the deductions that will go away with Governor Fallin’s plan. Retirement income from all sources will now be taxable.
Deductions for 65 or older, blindness, disability, college savings, and all personal exemptions will go away. Some people will pay less but 31 percent of Oklahomans will pay more. Since the highest rate is being lowered from 5.25 percent to 3.5 percent and incomes under $30,000 will not be taxed, guess who will be paying more.
You’ve got it, middle income and especially retired Oklahoma taxpayers are going to be the people who will see a tax increase.
Oklahoma has been one of the states of choice for retirees in the past because of our tax rate. When a state gains new retired citizens, they revitalize neighborhoods and towns.
They pay property taxes but don’t bring new students to our school system and they pay sales tax and encourage retail development. Military retirees often pick Oklahoma because of our many military installations and low cost of living. With Fallin’s tax plan, I have a feeling that won’t be happening and more than likely some will choose to move away.
Surprise! Well, not really, the Fallin tax plan increases taxes on the middle and lowers it for the rich folks. Then there are the oil tax breaks that have doubled their projection, leaving a $43 million hole in the Oklahoma budget and the Oklahoma oil and gas industry raking in some of the largest profits in their history.
Well done Oklahoma voters, you have again fallen for what Republicans promised instead of what they really planned on delivering.
Jo Davis
Shawnee
Governor Fallin unveiled her new tax plan last week. Let’s look at the deductions that will go away with Governor Fallin’s plan. Retirement income from all sources will now be taxable.
Deductions for 65 or older, blindness, disability, college savings, and all personal exemptions will go away. Some people will pay less but 31 percent of Oklahomans will pay more. Since the highest rate is being lowered from 5.25 percent to 3.5 percent and incomes under $30,000 will not be taxed, guess who will be paying more.
You’ve got it, middle income and especially retired Oklahoma taxpayers are going to be the people who will see a tax increase.
Oklahoma has been one of the states of choice for retirees in the past because of our tax rate. When a state gains new retired citizens, they revitalize neighborhoods and towns.
They pay property taxes but don’t bring new students to our school system and they pay sales tax and encourage retail development. Military retirees often pick Oklahoma because of our many military installations and low cost of living. With Fallin’s tax plan, I have a feeling that won’t be happening and more than likely some will choose to move away.
Surprise! Well, not really, the Fallin tax plan increases taxes on the middle and lowers it for the rich folks. Then there are the oil tax breaks that have doubled their projection, leaving a $43 million hole in the Oklahoma budget and the Oklahoma oil and gas industry raking in some of the largest profits in their history.
Well done Oklahoma voters, you have again fallen for what Republicans promised instead of what they really planned on delivering.
Jo Davis
Shawnee
