Sunday, April 22, 2012

More About State Income-Tax Repeal

My post on Saturday about the states with high and rising taxes - that are about to enter a death spiral - also mentioned the no state income tax movement. Oklahoma may win the race to be the tenth state with no income tax.

"[T]here are nine states, including Paul’s home state of Texas, that don’t levy income taxes. Those states have far outperformed high-income-tax states on every measure of economic success. Now Oklahoma is poised to fully repeal its income tax and join the ranks of non-income-tax states."
Oklahoma is proposing to phase out the income tax [pdf] over a period of years; beginning with a cut in half next year. The Phil Kerpen piece concludes by saying:
"Wouldn’t it be great if all of our state governments competed with each other with pro-growth tax, spending, and regulatory policies to attract as much investment and create as much economic growth as possible?"

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