Search results for “tax”

It’s NOT a ruse: Tax Cuts COULD be Financed by Cutting Government Waste


by Adam Kazda with Restore Accountability

In a recent opinion piece bashing the GOP’s failed attempt to fix Obamacare and its impact on plans to reform the tax code, the author confidently makes the claim that $600 billion in spending cuts could not come from government waste alone. Instead, he suggests money to offset tax cuts would have to come from entitlement programs like Social Security and Medicare.

While Congress will need to address the shortcomings of Medicare and Social Security in the near future and there are plenty of ways to keep tax reform deficit neutral by closing tax loopholes, it is important to test this underlying claim: Is it possible to identify $600 billion in waste?

First, the largest discretionary budget item is defense, where a lack of accountable spending is weakening our ability to protect the nation.

Unable to pass an audit for over two decades, wasteful spending at the Pentagon has spun out-of-control. The American public should know where about $0.20 of every dollar they pay in taxes goes, and Congress should require the Department of Defense to submit one ASAP. Some reports suggest that by just auditing the Pentagon, it would realize savings of over $25 billion through improved financial management.

Fallin appoints Clark Jolley to Tax Commission

Governor Mary Fallin Announces Oklahoma Tax Commission Appointment

OKLAHOMA CITY – Governor Mary Fallin today announced the appointment of former state Sen. Clark Jolley to the Oklahoma Tax Commission. He succeeds Dawn Cash, who resigned earlier this month.

Jolley’s appointment to the Tax Commission requires confirmation from the state Senate. His term would expire Jan. 10, 2023.

Jolley, of Edmond, serves as an adjunct professor at Oklahoma Christian University and Mid-America Christian University. He served in the state Senate from 2004 until 2016, the last five years as chairman of the powerful Senate Appropriations Committee. He could not seek re-election because of 12-year legislative term limits.

A Tax Increase Is Still A Tax Increase - No Matter What you Call It!

A Tax Increase Is Still A Tax Increase -No Matter What you Call It!
by THE WATCHMAN

Is it us or has everyone else also noticed that politicians are a rare breed. They feel a certain amount of power over the people that they are supposed to work for yet are perfectly willing to get up in front of those same people and tell them a bald faced lie. Perhaps the saddest part of it all is people honestly believe it. Politicians believe that if they can’t dazzle you with their brilliance they can always baffle you with their bull crap. We see it in full display of all it gaudy glory during this session of the legislature.

Jason Murphey: Opposing the Gas Tax Increase

Over the past few days you may have seen news stories describing the impending introduction of a gas tax increase. Those who suggest Oklahoma should increase the gas tax are using the following reasoning: “Oklahoma has the one of the lowest…

Trump Income Tax Short Form

Two pages of the 2005 Donald Trump income tax return fell in to the hands of Rachel Maddow last week. On her show she played it for all it was worth. It turns out it was worth about $38 million to Uncle Sam in taxes paid on an income of $150 million. That’s an effective rate of  about 25%. The revelation

The post Trump Income Tax Short Form appeared first on Bokbluster.com.

Rep. Faught: Tax hike is not the answer

Tax hike is not the answer

It seems like everywhere I go someone is talking about taxes. It’s impossible to watch TV without seeing a commercial about filing your personal income taxes. When I drive around town there are an abundance of yard signs advertising tax preparation services. Some signs actually list how much money you should get back on an “earned income credit” per child, even if you do not have any earned income.

The vast majority of state funding comes from taxes in one form or another. Income tax, sales tax, licensure fees, ad valorem, property, gross production… the list of the different taxes payed by our citizens or businesses in Oklahoma seems endless.

In her State of the State address earlier this month, Governor Fallin presented a plan that would add sales tax to 164 different categories of services provided by Oklahoma small businesses and entrepreneurs. By the Governor’s own estimate, this would result in a tax hike of over $1.7 Billion. That comes to approximately $433 per year for every man, woman and child in Oklahoma. Can you afford that?

Consider this: new taxes will be levied on haircuts, cable TV, dental cleaning and visits to the doctor, lawn mowing, oil changes, internet, manicures, real estate transactions, house remodeling, plumbing and electrical repairs, utility services (water, gas, electric), trash pick-up, pet grooming, daycare, funeral services… and this is just the tip of the iceberg.

A new tax on services will impact everyone, and it will cause significant damage to the small businesses across Oklahoma that form the backbone of our economy.

I’ve owned a carpet cleaning and restoration company for almost 30 years. Like many service businesses, our work is performed on location at customers’ homes or businesses, rather than out of a storefront. My company has current customers in at least 71 different sales tax jurisdictions.

If the Governor’s plan were to be enacted, our technicians would need to determine precisely which tax rate to apply on each job, depending on whether the customer was located inside or outside the city limits and on which county they were in. To complicate matters, the technician would also need to know if the individual or organization is tax-exempt.

Then comes the reporting period where each community and county tax must be calculated and submitted, in addition to the state’s share. The sheer volume of paperwork, logistics and headaches this would add to small businesses would be a tremendous burden, and would cause them to not expand, not hire additional employees, or possibly even close their doors, resulting in a loss of jobs in every community.

This new tax may solve one temporary problem, but it creates a bigger, permanent issue in the process. Rather than helping Oklahoma’s economy, this proposal adds to the workload, costs consumers more, and creates more roadblocks to success. Revenue sources must be found in order to meet our state budget commitments, but this can be done by targeting the burgeoning list of corporate tax credits and subsidies, by addressing excessive salaries of government administrators, and identifying waste and duplication in our agencies. Tough times call for tough measures, but a historic tax hike during an economic recovery is not the right move.

Fallin Dismisses OCPA's Budget Solutions - Likes Raising Taxes Better

Preston Doerflinger of the OMES said;”..the savings are mostly cost avoidance and would not generate revenue to pay for the next budget.”.​  The McCarville Report just published a response for Governor Mary Fallin and The OMES, regarding the ideas put forward by the conservative thinktank.   The most obvious weakness in the OMES response  is that they show that they aren’t interested in cutting spending. Inst […]