Budget problems have plagued the State of Oklahoma in recent
years, there may be reason to remain hopeful. Though, the main focus will be on
undoing income tax cuts, which have cost the state a great deal of its revenue.
"All told, the state is bringing in about $1.5 billion a year less in tax
revenue as a result of tax cuts over the last decade," Oklahoma Policy
Institute’s David Blatt stated. He went on to state that just five years ago,
Gov. Mary Fallin was saying Oklahoma could eliminate the income tax — now she’s
calling for new revenue. "We stopped the movement for income tax repeal,
and we’ve seen growing recognition … that there is a structural budget deficit,
that we do have a revenue problem, that we need more revenue," Blatt said.
"And we have seen real, unprecedented openness to new taxes in the
state." Income tax rates have gone down in recent years, with about $1
billion coming from cuts to the highest individual tax rate. Blatt gave an
outlook on the state budget Thursday at Oklahoma Policy Institute's fifth
annual State Budget Summit in Oklahoma City. http://publicradiotulsa.org/post/oklahoma-slowly-improving-when-it-comes-state-budget
About OrionNet Systems
OrionNet is an Oklahoma
small business founded in 2001. OrionNet has designed, developed and supported
applications created both for the client-server and web environments, as well
as developing, marketing and supporting a commercial application for the
counseling centers industry.
Visit the OrionNet Systems’ website, www.iorion.com,
or their social media pages, https://twitter.com/ThinkHealth & https://www.facebook.com/pages/OrionNet-Systems/139352156150090
for more information.
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