| State Treasurer, Ken Miller, seems to know things that Gov. Fallin doesn't. Perhaps her cognitive dissonance is willful and anchored in ulterior motives? Whatever the motivation, Gov. Mary Fallin is trying for a 4th time in less than a year, to raise over a billion dollars in permanent recurring taxes on the Oklahoma people. Fallin has failed to grow the economy in most of her 8 years in office. Few companies have migrated here and the largest area of growth in the state has been the government, itself. Ken Miller is reporting that tax collections are coming in at a double-digit increase, compared to a year ago. This current rate is sufficient to perhaps wipe out the remaining budget shortfall of the current fiscal year, and even surpass the projections of next fiscal year (beginning this July). When the national economic boom is factored in, there is little downside to leaving the tax base alone. There is a big downside to raising taxes. Companies worldwide are taking a second look at the USA as a base of operations. the Trump administration has been successful in keeping US corporations from emigrating to foreign soil. Apple is set to bring back hundreds of billions to the USA. A tax hike at this time might signal to corporate America that Oklahoma is increasingly repressive soil. |  |
A low tax rate often does increase overall tax collections. The Reagan economic revolution proved that. The Laffer Curve details the principle.
But sadly, Mary Fallin seems to have lost the faith in free enterprise, the role of government, the need for agency oversight, and the virtue of keeping her word when she signed a 'No New Taxes' pledge.
But sadly, Mary Fallin seems to have lost the faith in free enterprise, the role of government, the need for agency oversight, and the virtue of keeping her word when she signed a 'No New Taxes' pledge.
