heads up to business owners SQ766

[Glocktogo]

That's exactly what I would say if I failed to goad someone from my side into arguing against me.

What does that even mean???

 

[SoonerATC]

This is a very bad thing. The state does not have the right to tax any non-material items, period. That is basically saying it is OK to tax your first name.

Exactly. Same goes for the "use tax". Really? I have to pay a tax just because I am getting a benefit from something I didn't purchase in this state? How is that logical?

 

[Glocktogo]

Here's a little more in-depth analysis of SQ766: http://okpolicy.org/blog/taxes/stat...lot-measure-would-have-tangible-consequences/

IMO it's too vague, and if it passes will let companies chip away at Oklahoma's tax base. Our infrastructure, schools, and public services don't need any less funding.

E:

For emphasis



If you're a small business, and you're worried about significant tax burden from "intangibles," I guarantee that your brand and client lists aren't worth as much as you think they are.

So let me see if I get this correct. Oklahoma wants the ability to tax non-existent things that aren't really taxed much if at all up to now. Yet if we don't give them this ability, our property taxes will be raised? Each business currently gets taxed $25 each, so how much would that raise the much greater number of property taxes each year, $5?

Should I also be scared of the boogie man and Sasquatch?

The deal is that non public service businesses were not paying this tax anyway so they are not getting a break, they're just staying the same. public service businesses were the only ones paying this but because of the court ruling making everything equal, it has to be all or none. SO... the thousands of businesses who have never paid this before will actually have a tax increase if the tax is put into effect (and presumably generate MUCH more than this tax did in the past while skinning companies that never paid it and built their models without it). If the tax is not put into effect, then the public service companies will have a tax reduction costing the pool 50M. So... if you vote to not put the tax in effect, the legistature will HAVE to go back to the drawing board and figure it out... THAT is what needs to happen. Do you honestly think they're just going to raise property taxes across the board on citizens to make up the difference? They'll be voted out so quick it will make their heads spin if that happens.

So if I get this straight and 766 passes, public service companies will get a $50M tax relief. Am I to assume that they will concurrently lower their service rates? Yeah, I'll hold my breath while waiting for that to happen.

I don't know where you're getting all of this.

http://stateimpact.npr.org/oklahoma...ffer-if-oklahomans-vote-to-stop-taxing-ideas/

1. It wasn't just public service companies. LOTS of big firms pay taxes on centrally-assessed assets, like airlines.
2. This is absolutely a tax cut on big companies with centrally-assessed assets, since this removes all taxes on all intangible assets.
3. Assessors are obviously not up to taxing intangible assets on every single small business (they themselves are saying they probably couldn't if they wanted to), so there's no reason to think that a new tax beyond the $25 "in lieu of" tax would take effect.

I could support an amendment that was more specific I guess but it still won't have a positive effect on small businesses.



Well they can take money away from vital services. The state hasn't shown any reluctance to do that.

For things like bond measures, the money has to come from someplace. Oklahoma doesn't really have someplace.

Care to list some of the "big business" companies besides public service companies that currently pay a substantial amount of these taxes? I thought all you liberals believe that "big business" avoids these types of taxes by offshoring? Now you're saying that they don't even bother to register in states that don't levy this type of tax? Which is it?

If SQ 766 doesn't pass, I see a brand new market for out of state registration of intangible corporate assets. I may have to register a business (in another state of course) for just such a purpose!

How is it throwing business owners under the bus if it's a tax that a) county assessors have shown no desire to levy on small businesses, and b) wouldn't be very much at all even if they did?

And you have proof that all 77 counties would apply this equally and not increase the rates down the road? Riiiight...

So final question. Will you vote yes for prohibiting a lopsided, unequally applied tax that's easily avoidable by "offshoring", or will you vote no so that business owners of all sizes will disproportionately pay for services that you utilize on a daily basis?

 

[poopgiggle]

So let me see if I get this correct. Oklahoma wants the ability to tax non-existent things that aren't really taxed much if at all up to now. Yet if we don't give them this ability, our property taxes will be raised? Each business currently gets taxed $25 each, so how much would that raise the much greater number of property taxes each year, $5?

Should I also be scared of the boogie man and Sasquatch?

The real revenue from taxing intangible assets doesn't come from the people paying the $25 "in lieu of" tax.

Care to list some of the "big business" companies besides public service companies that currently pay a substantial amount of these taxes?

Just off the top of my head, airlines are specifically named in the sources I've been posting. Not that any airlines have a significant presence in Tulsa...

I thought all you liberals believe that "big business" avoids these types of taxes by offshoring?

They try to duck taxes by all different kinds of loopholes! If SQ766 passes, it opens up yet another one.

If SQ 766 doesn't pass, I see a brand new market for out of state registration of intangible corporate assets. I may have to register a business (in another state of course) for just such a purpose!

It looks like other states tax intangible assets in a similar way so they can't just hop the state line to get out of this one.

And you have proof that all 77 counties would apply this equally and not increase the rates down the road? Riiiight...

The counties, by their own admission, don't have the resources to do this properly.

Remember that county officials are elected just like state officials are. If they crush local business by doing something blatantly unfair with taxes on intangible assets, I imagine they won't get re-elected. Or they'll get sued, either way.