Budget & Tax
Capping vital deductions is bad policy
May 12, 2017
Jonathan Small
Some lawmakers searching for more revenue are trying to increase personal income taxes on Oklahoma families and small business owners – all while common sense ways to control spending are stymied by bureaucrats, special interests, and tax consumers.
The latest tax raising idea proposed at the State Capitol is to cap personal itemized deductions on state personal income tax returns. They claim that the proposed cap, at $17,000, would only impact the rich. The Oklahoma Tax Commission disagrees.
Read the rest over on The Journal Record.