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Filed by Michael Cross in Uncategorized.
April 8, 2012
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Share“The Oklahoma Policy Institute is holding a forum on eliminating the personal income tax in the state.
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Share“The program starts with intro by OPI Director David Blatt & then a panel of 7 experts moderated by former State Treasurer Scott Meacham
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Share“OPI Dir. David Blatt welcomes everyone, about 100 people. Information on the forum can be found at okpolicy.org/economist-forum
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Share“The tweet hashtag for the forum has been set as #economistforum
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Share“#economistforum Scott Meacham: Will Rogers once said the difference between death & taxes is death doesn’t get worse when Congress meets
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Share“Meacham: Ok is doing well when compared to the rest of the country. #economistforum
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Share“#economistforum Meacham: OK is already a low tax burden state.
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Share“#economistforum Meacham while the lowest in tax burden, OK is also one of the lowest in spending
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Share“#economistforum OK Dept. of Commerce, Director of Policy, Deidre Myers speaking now
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Share“Myers: OK currently 2nd in employment growth and number one in manufacturing growth #economistforum
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Share“Myers: OK’s unemployment at 6.0 while TX at 7.1, state’s below OK in unemployment are low population states #economistforum
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Share“#economistforum Myers says Most of OK’s unemployment comes from education gap with new jobs coming into the state
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Share“#economistforum Myers slide shows Median household incomes are lowest in SE OK and Payne County, highest in Cleveland & Canadian Co
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Share“Next up: Jonathan Willner, OCU Economics Chair to talk about the Laffer Report on Oklahoma income tax rate #economistforum
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Share“#economistforum Willner: In criticism of Laffer plan says the data isn’t wrong, but the reporting dates are questionable w/ omitted facts
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Share“#economistforum Willner: Laffer’s data doesn’t adjust for inflation and compares gross state product to personal income
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Share“#economistforum Willner: There’s a lot of errors in the Laffer plan using inconsistent facts to make their case
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Share“#economistforum Willner: Laffer plan uses what is called Omitted Variable Bias.
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Share“Cynthia Rogers, OU Dept. of Economics, on the Devil in the Details: Tax Policy and Economic Growth #economistforum
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Share“Rogers: Research is inconclusive on tax policy and economic growth. #economistforum
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Share“Rogers: There are other factors to affect economic growth with or without changes in the tax policies #economistforum
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Share“Rogers: Problem with research: what is happening in economy usually impacts tax policy, not necessarily the other way around #economistforum
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Share“Rogers: Economic Growth is not costless. Bigger economies spend more. #economistforum
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Share“Rogers: Evidence shows local government will replace lost state funding, ie. sales taxes, property taxes, fees. #economistforum
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Share“Kent Olsen, OSU Professor of Economics on phasing out OK’s Personal Income Tax: Digging a Deeper Hole” #economistforum
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Share“Olsen says he plans to look at what happens if the Laffer plan went into effect over the next 20 years #economistforum
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Share“Olsen: Projected appr budget over the next 20 years would go from $350M shortfall in 2013 to $2.6B shortfall in 2032 #economistforum
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Share“Olsen: If it hadn’t been for the tax cuts since 2005, OK would not currently be in a deficit, but actually in a surplus #economistforum
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Share“Olsen: By 3032 the total loss of income tax revenues due to the Laffer phase out plan would by $5 Billion #economistforum
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Share“Dr. Alexander Holmes, OU Economics professor, on the role of the Income tax in state and local budgeting #economistforum
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Share“Holmes: to make up all income taxes on a $50,000/year job a state would have to hope that person spends $50,000 in sales taxes
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Share“Holmes: The thing that keeps me up at night is if the Laffer plan passes and doesn’t work it can’t be fixed #economistforum
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Share“Holmes: SQ640 creates too high hurdles to overcome to raise taxes, 3/4 of legislature or majority vote of people #economistforum
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Share“Holmes: Many compare to Texas in no personal income taxes, but TX has massive budget deficit and different mix of taxes #economistforum
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Share“Roy Williams, President and CEO of OKC Chamber of Commerce “What Really Matters for Economic Development” #economistforum
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Share“Williams: 3 factors drive where a company is going: Access to markets, access to resources, access to talent mostly talent #economistforum
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Share“Williams: Companies still don’t necessarily go to the cheapest place, but rather the place they get the best value
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Share“Williams: Best incentive in the US is the Quality Jobs Act in OK and it is solely funded by Personal Income Tax #economistforum
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Share“The Quality Jobs Act provides an incentive to companies to reduce income taxes of employees if they move to OK #economistforum
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Share“Justin McLaughlin, VP Economic Development, Tulsa Metro Chamber, “Role of Taxes and Incentives in Recruiting Primary Jobs” #economistforum
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Share“McLaughlin: On top 15 Corporate site selection factor: Hwy access & Labor Costs=1 & 2, Personal Income Tax not on top 25 #economistforum
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Share“McLaughlin: Skilled labor one of the biggest factors in bringing in new companies. #economistforum
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Share“McLaughlin: One of the biggest challenges for OK and drivers for location of companies is direct flights out of airports. #economistforum
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Share“Correction: The Quality Jobs Act of Oklahoma provides a 5% cash back for ten years funded solely by personal income tax. #economistforum
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Share“McLauglin: The fear of eliminating of the Quality Jobs Act keeps me up at night. #economistforum
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Share“Lex Holmes: On trigger mechanism, being tied to a resource based economy (energy) like OK is revenues are volatile #economistforum
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Share“Olsen: Current situation with Nat Gas prices hurting revenue collections shows the volatility in energy based economy
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Share“Holmes: The argument over removing income tax is designed to shrink size of gov’t but not in an intellectually honest way #economistforum
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Share“RT @OKPolicy: Rogers: Labor force enhancement drives growth – better educated, higher skilled labor gets higher wages #economistforum
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Share“#economistforum comes to an end with the question who’s going to stop this train and who’s going to be the adult in the room
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Share“RT @OKPolicy: Missed today’s forum on Eliminating the State Income Tax? The materials are posted online ow.ly/a62yw #economistforum
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