Wednesday, January 13, 2016
OKLAHOMA CITY - Governor Mary Fallin today released this statement on General Electric's decision to leave the state of Connecticut because of that state's tax hike on business:
"This is precisely why we know lower taxes influence where businesses go. High taxes are job killers and hurt families’ disposable income. Some have suggested that Oklahoma should postpone the 0.25 percent income tax cut that went into effect this month because of the budget shortfall and its impact on the upcoming 2017 fiscal year. The income tax cut’s budgetary impact in the upcoming 2017 fiscal year is only a little more than 10 percent of the projected budget hole. Oklahoma would still have over an $800 million budget hole even if that tax cut hadn’t taken effect.
“Up until the energy industry downturn, Oklahoma had the fourth-fasted growing economy in the nation. This tax cut will prove its worth in the long term. Tax policy is long-term policy and over the long term, a lower tax burden is good policy and the policy the voters have asked for in Oklahoma. If Oklahoma wants to attract and retain good jobs – rather than losing them to neighboring states – we must improve our tax climate.”