While Washington, D.C. lawmakers wrangle over taxes, federal budget cuts are looming. If $1.2 trillion in scheduled cuts are triggered in January, Oklahoma could be in line to lose almost 16,000 defense-related jobs over the next 15 months, according to a report prepared for the Aerospace Industries Association.
There are some economic trouble spots being indicated in the latest nine-state mid-America region survey. The survey is complied in Omaha at Creighton University. Supervising the project is Doctor Ernie Goss.
The second regular session of the 53rd Oklahoma Legislature (2011-2012) was recently adjourned. (The state legislature will convene for its first regular session of the 54th Oklahoma Legislature [2013-2014] on January 8th, 2013.) With the session now over, many citizens are wondering why the legislature DIDN'T adopt a tax-cut plan. Wasn't this the oft-repeated aim of the GOP-controlled House, Senate, and Governor's Mansion?
Should we --- could we --- really do away with the personal income tax here in Oklahoma? The State Legislature is now considering various proposals to reduce and/or eliminate the state's personal income tax; these proposals are largely based on a study prepared for the Oklahoma Council of Public Affairs by economist (and former Reagan administration economic advisor) Arthur Laffer and his colleagues. But what if this study is, in fact, bogus? That's the claim now being made by a number of well-respected economists across the state.