State Auditor Calls For Repeal Of State Tax Cut Trigger

Thursday, December 29th 2016, 11:30 am

By: News 9

Oklahoma State Auditor Gary Jones wants the legislature to repeal the law that reduces the state income tax.

Today, Jones called on state lawmakers to repeal the law triggering income tax cuts from 5 percent to 4.85 percent. He says the statute's creation was misguided.

“This law was written on the premise that taxes would be cut based on increasing revenues,” said Jones in a release. “Nothing could be further from the truth. Right now we have a defective statute that reduces taxes based on comparing estimates from different points in time. It does not reflect what is actually occurring in the state’s revenue streams.”

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Right now, Jones says the best option is “to repeal the flawed trigger in the law and to base possible future tax cuts on fiscally responsible methods, not revenue estimates that have proven difficult, if not impossible, to predict.”