OCPA Offers State Spending, Tax Cut Plan
The Oklahoma Council of Public Affairs (OCPA) today provided state policymakers with a plan to reduce government spending and to cut the state income tax rate from 5.25 percent to 4.25 percent.
“SoonerPoll data repeatedly tell us that Oklahomans overwhelmingly want a smaller government with fewer services,” said OCPA fiscal policy director Jonathan Small, a Certified Public Accountant.
“Now is the time for our elected lawmakers to cut spending and govern responsibly. Past lawmakers have allowed spending to grow at rates that are squeezing out the taxpayers. This is irresponsible and unsustainable. We have a plan that will reduce the size of government and generate increased economic activity at the same time.”
Between FY-2005 and FY-2009, state appropriations grew a whopping 32 percent, growing the state budget more than $1.7 billion during that span.
The new OCPA plan, OCPA Budget: A State Budget That Respects Your Family Budget, recommends a total FY-2012 appropriation of approximately $5.99 billion.
Reducing the income tax rate from 5.25 percent to 4.25 percent would let Oklahoma taxpayers keep more than $119 million in their pockets, said Small, which will lead to economic growth, more investments, and even some offsetting state revenues.
“Oklahoma families have needs they cannot currently meet because the government is taking too much out of their paychecks,” said Small. “Our new lawmakers must make the hard choices to cut systemic overspending and craft a state budget that respects our citizens’ family budgets.”