Oklahoma's $868 million budget shortfall

[AC_Exotic]

Dummies based the budget on oil and gas revenues and it bit their butts again.

I wouldn't be shocked to see pot legalized quickly to increase state monies.

However it's done, they need to move quickly ... or undergo massive restructuring and I'm not sure any leadership in Oklahoma is smart enough to get that accomplished.

 

[AC_Exotic]

Any thoughts?

 

[Colorado_Poke]

Any thoughts?

If the energy industry picks up and the funding gap starts to close, they'll just cut taxes again

 

[HighStickHarry]

If only there was some pattern or precedent that we could have used to forge a plan to prepare for an energy sector downturn!!!! Damn your economic surprises!!

 

[anon_xl72qcu5isp39]

Republican governance. I could go on all day.

 

[NeekReevers]

They need to raise the income tax. I don't know why this idea is so objectionable. We don't have the funds to provide the services Oklahomans expect and oil isn't going back to $100. I'm not a fan of sales tax and marijuana is about the only sin tax we have left. Just raise the income tax and be done with it.

 

[windriverrange]

I absolutely don't think they should raise taxes. That is always a politicians fallback (to cover for their incompetence) position and it won't solve the long term problem, which is how to diversify an economy and save for rainy days. Oil/Gas are always going to be a roller coaster ride so someone, somehow is going to have to put their adult pants on and figure out how to bring revenue in without taxes the citizens.

 

[Alpha Poke]

Those dicks will just start importing more dirty water from other states.

 

[NeekReevers]

I absolutely don't think they should raise taxes. That is always a politicians fallback (to cover for their incompetence) position and it won't solve the long term problem, which is how to diversify an economy and save for rainy days. Oil/Gas are always going to be a roller coaster ride so someone, somehow is going to have to put their adult pants on and figure out how to bring revenue in without taxes the citizens.

Obviously that's the best long term solution but it's useless for 2017. Oklahoma has a very low tax burden vs. other states and if not mistaken we've had at least 2 income tax cuts in the last 10 years. I think putting your big boy pants on is realizing that you get what you pay for and right now Oklahomans are paying low taxes and expecting high quality services. It doesn't and will never work that way, in government or business.

 

[Headhunter]

You can raise income taxes if you want but that is a disincentive to new business's outside of oil and gas to locate here.

Income tax revenue jumps dramatically when oil and gas is rolling so raising the rate helps but without oil field jobs you'll never get to where you need to be until the economy is more diversified.

Personally I'd be for raising oil and gas taxes to at least be equal to Texas I may be wrong but I think we are lower than they are.

 

[long-duc-dong]

You can raise income taxes if you want but that is a disincentive to new business's outside of oil and gas to locate here.

Income tax revenue jumps dramatically when oil and gas is rolling so raising the rate helps but without oil field jobs you'll never get to where you need to be until the economy is more diversified.

Personally I'd be for raising oil and gas taxes to at least be equal to Texas I may be wrong but I think we are lower than they are.

1/2% difference I believe.

 

[anon_xl72qcu5isp39]

1/2% difference I believe.

Not in practice.

 

[long-duc-dong]

All I know is the last thing I read about this was Oklahoma at 7% and Texas at 7.5%.

 

[Alpha Poke]

We aren't getting anyone to relocate a business here.

We need to build ourselves.

Or go hire that dude running the manufacturing triangle growth in Mississippi.

 

[HighStickHarry]

We aren't getting anyone to relocate a business here.

We need to build ourselves.

Or go hire that dude running the manufacturing triangle growth in Mississippi.

Aerospace has come here but at what cost in the short term? There is a big tax credit package for them.

 

[davidallen]

Always been that way. I can recall the Dems being just as ill prepared (David Walters ring any bells). The love affair with Texas Tea has been the biggest detriment to diversification of the economy of Oklahoma. We floated a plan 10 years ago to bring a large IT outsourcing venture to the state, wanted some education investments (through Vo-Tech) and got a lot of nothing. Those jobs ended up in Louisiana....

 

[Rdcldad]

legalize sports gambling and be done with it

 

[windriverrange]

Neek, actually I get less than what I pay in if for no other reason my property taxes go to schools (I know not the same as sales tax) that I've never sent kids to, since I don't have any. I also shop locally in my home town of Catoosa which has a sales tax of 9.853%.
Tired of subsidizing ineffectual, lazy and partisan clowns at the local level. For instance how much state funding is wasted in courts fighting over laws that are passed and then declared unconstitutional?
Thought the lottery was going to save the schools, doesn't seem that has worked out either.
I do get what your saying, but raising personal income taxe rates won't help that much even in 2017. I'd even be willing to agree to a one year only surcharge of 10% on all lottery purchases.
The biggest issue I have about these dipsticks raising taxes is we are subsidizing stupidity and obtuseness. Legalizing weed would generate huge amounts of revenue but like abortion (I'm against) and making sure the 10 commandments are posted (I'm okay with) these clowns still keep promulgating laws that cost money to defend and get overturned. It's like your trying to coax Neanderthal's out of their cave to a better life in a heated structure, but the Neanderthals are more than content to stay in their cave....because that's what they do.

 

[NZ Poke]

Legalizing and taxing pot will definitely help.

Instead of Oklahoma pot users continuing to finance Mexican drug cartel palaces, Oklahoma can run a "pot for potholes" campaign.

Something like: "Choose the safer and hangover-free alternative to alcohol and painkillers: marijuana edibles. Oklahoma roads will thank you."

 

[Headhunter]

All I know is the last thing I read about this was Oklahoma at 7% and Texas at 7.5%.

Doesn't Oklahoma give oil and gas producers a low rate for the first 2 or 3 years of production when the wells actually are most productive?

 

[windriverrange]

NZ "pot for potholes" that's funny dude!

 

[long-duc-dong]

Doesn't Oklahoma give oil and gas producers a low rate for the first 2 or 3 years of production when the wells actually are most productive?

Only on horizontal and deep well production. They're taxed at 1% for the first 36 months then raised to 7 on horizontal and I think it's a 2% tax on deep wells for 36 or 48 months then 7.

 

[07pilt]

Only on horizontal and deep well production. They're taxed at 1% for the first 36 months then raised to 7 on horizontal and I think it's a 2% tax on deep wells for 36 or 48 months then 7.

This is mind blowingly dumb.

 

[long-duc-dong]

This is mind blowingly dumb.

Government at it's finest. Other states do this as well. Louisiana, at one time, taxed horizontal wells at zero for the first two years.

 

[07pilt]

Government at it's finest.

Remember this next time anyone says that anything is a plot to get more taxes.

 

[Alpha Poke]

Aerospace has come here but at what cost in the short term? There is a big tax credit package for them.

Child's play compared to what Mississippi is doing. Their strategy to attract high tech manufacturing is nothing short of remarkable.

Everyone is finding a niche, but us. Utah is educating an entire generation of bilingual students (complete immersion) in 5 languages that Utah believes will dramatically impact their future. The read on this is remarkable. And they did it without addin one FTE to the education budget.

Ideas are out there.

 

[Cordellhall83]

Sin taxes do not work: Liquor by the drink, paramutal gambling, lottery, casinos...and here we are with the great idea of legalizing pot to tax our way out of poverty. wow.

 

[imprimis]

I'd like to see the price of oil go up some---my royalty checks haven't looked that good for some time. As a Texan, I get a rebate on my oil taxes Oklahoma collects but they get the use of them for a year.

 

[Bitter Creek]

NZ "pot for potholes" that's funny dude!

Treme'?

 

[squeak]

I don't see how republicans haven't led on the issue of medical marijuana. You want to reach young people? Start with weed.

 

[anon_xl72qcu5isp39]

Guys, this budget shortfall will be remedied pretty quickly. Gov. Phalin's plan to tax tattoos, car washes and cigarettes should square things up by.... June?

I see the republicans are using the House of Representatives operating budget to quietly settle a sexual harassment case against Ron Kirby, another of Tulsa's rock-ribbed conservatives.

 

[Ostatedchi]

I'm for legalization of many drugs, not just marijuana. But I'd be against Oklahoma doing it while it was still illegal federally.

We don't just get to pick and choose which laws we abide by. It would be no different than us becoming a sanctuary state for illegals.

 

[windriverrange]

Cordell you kind of made my point, if sin taxes which are an instant and gigantic tax stream can't get us out of poverty. Then how would adding to everyone's tax burden (rich paying a greater than their fair share) have any lasting consequences other than allowing the local dumbasses a larger than normal pot of spending money once oil/gas come back?

What we know is they will spend almost every dime they get with no eye to the future except putting those stupid ass signs up that say "progress as promised" at every construction site. We expect them to be innovative, smart and treat taxpayers money like they treat their own. Until they get smarter I'm not in favor of spending one penny more on taxes, just to have those buffoons invent more ways to waste it during the good times.

 

[Headhunter]

We could have George Kaiser and Oklahoma start a solar company borrow a billion dollars from his buddy President Obama real quick before he's gone, then bankrupt the company.

Problem solved.