OCPA cheers Missouri income tax reduction

TaxCutsMichael Carnuccio, president of the Oklahoma Council of Public Affairs (OCPA), praised the Missouri General Assembly as they successfully overcame a gubernatorial veto of legislation to reduce personal income taxes in Missouri:

“We congratulate our free-market allies in Missouri today for enacting the first reduction of their penalty on work, their state income tax, in nearly a century. What the Wall Street Journal has called the ‘Heartland Tax Rebellion’ is still burning here in flyover country.

Michael Carnuccio, President, OCPA

Michael Carnuccio, President, OCPA

“More than once, in the debate at the Missouri State Capitol over whether to reduce income tax rates, advocates referenced Oklahoma’s positive experience with income tax reductions, which have helped grow Oklahoma’s economy and increase job opportunities for Oklahoma families.

“Today’s actions in Missouri serve as a reminder that Oklahoma is in the middle of a 50-state competition for jobs, growth and prosperity. Even after the tax reductions passed in Oklahoma and Missouri this year take full effect, small business owners in four of the six states surrounding Oklahoma will still keep more of the fruits of their labor than will small business owners here in this state.

TulsaSalesTax“This will keep Oklahoma at a competitive disadvantage in terms of our appeal to job creators from around the country. The recent announcement of Toyota’s move from high-tax California to low-tax Texas, Oklahoma’s neighbor to the south, is yet another reminder that tax rates on work and production matter, and that real people’s lives are affected as a result.”