Oklahoma Legislature Makes Strides to End State Income Taxes
This would mean that state government would have to become more efficient, and we would have to find a new source of revenue. Income tax makes up about 30% of the State's revenue currently. The 9 states that have no income tax make up the difference by raising property taxes. Another possibility for raising revenue is by raising sales tax, but ours is already over the national average. Also, taxing spending always raises concerns that lower income families are unfairly impacted and it chills consumer spending (which hurts businesses, especially small business).
So, my prediction is higher property taxes. How high? Well, Texas has no income tax, and their property taxes are about twice as much as ours.
Is this a good idea? I think it is, and maybe the Feds will learn something about government efficiency from their state counterparts. Meanwhile, Oklahoma becomes a much friendlier place to do business. Problem is, if you don't pay your property taxes, surprise, you lose your property. State taxes are alot less than IRS taxes. The legislature has just upped the ante and put more of your skin in the game to pay your Oklahoma taxes in full, on time. What do you think?
If you are receiving threatening mail or liens from the Oklahoma Tax Commission for delinquent income taxes, you have options. Call us today at 405-607-1192 to discuss them.