Newspaper article THE JOURNAL RECORD

Oklahomans Would Save Money under New Tax Plan

Newspaper article THE JOURNAL RECORD

Oklahomans Would Save Money under New Tax Plan

Article excerpt

An average Oklahoma family would save from several hundred dollars to more than $1,000 in overall taxes if voters decide to replace Oklahoma's tax code with one that closely follows that of Texas, Senate President Pro Tempore Stratton Taylor, D-Claremore, said Thursday.

Taylor said that the findings of a Senate staff analysis of the Texas Plan should boost support for the concept.

When you look at taxes across the board, citizens fare better under the Texas system than they do under the Oklahoma tax code, the Senate leader said. The evidence indicates that if we adopt the Texas Plan, Oklahoma families will pay lower taxes and as a result, will have more money to spend on themselves. That's not just good for them, it's good for the state economy as well.

The Senate study compared overall state tax burdens for similar families living in Oklahoma City and Austin, Texas.

It examined the most common state and local taxes paid by individuals - property taxes, income taxes, gasoline taxes and sales taxes:

* Single taxpayer earning $35,000, renter: Oklahoma taxes, $1,987; Texas taxes, $549 - Texas plan savings, $1,438.

* Single, earning $50,000, home owner: Oklahoma taxes, $3,790; Texas taxes, $2,975 - savings, $815.

* Married, income $20,000 renter: Oklahoma taxes, $1,011; Texas taxes, $395 - savings, $616.

* Married, income $35,000, home owner: Oklahoma taxes, $2,809; Texas taxes, $2,228 - savings, $581.

* Married, earning $50,000, home owner: Oklahoma taxes, $4,018; Texas taxes, $3,435 - savings, $583.

* Married, income $100,000, home owner: Oklahoma taxes, $7,100; Texas taxes, $5,763 - savings, $1,337.

According to the study, although Texas' rates for some taxes are higher, that state's lack of an income tax or sales tax on groceries more than offsets the higher rates.

We've heard a lot of speculation that Oklahomans might actually pay more under the Texas system, but the facts don't seem to support that theory, Taylor said. …

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