SQ 766 - Ban Taxation on Intangible Assets - Poll

[poopgiggle]

We tax our groceries damn near 9 percent but our new cars 3. Makes sense, right?!

Oklahoma seems to LOVE regressive taxes.

"Nope! Don't tax large firms for the value of their intellectual property, even though that constitutes a majority of the value of Fortune 500 companies! Tax poor people buying food!"

 

[Lurker66]

I think you're making two assumptions. First, that no county assessors will begin collecting the tax (involuntarily) on all businesses incorporated within their AOR and second, that business owners aren't citizens. "Citizens" don't have a free pass to reach into the pockets of others whenever and however they please, so why should government? The proper way to apply a tax is through legislation, not the courts.

i think we're on the same page. Its just a crappy way to push the decision on a ballot. I really like my Rep(Cockcroft) but im not sure he'll get my vote this time. We'll see next week.

 

[poopgiggle]

From a blog post by the Garfield County assessor:

As Oklahoma Policy Institute has discussed, this shortfall will be spread out among all the property owners. Every school district in my county has a sinking fund, as do most districts in Oklahoma; therefore, all property owners in the district will be required to make up the difference to the sinking fund for the reduction in the public service valuations.

Here’s how to understand sinking funds: you simply divide how much you need (bond payments) by how much you are worth (net assessed value). The result is the millage needed to cover your debt payment. The total amount of the bond payments will still need to be collected, so if you divide the bond payment amount by a lower value, you’ll have to raise the mill levy to satisfy the debt. The only people who win are the ones that get a lower value because of the new law – the public service companies and other centrally-assessed businesses.

Whether someone is for or against the exemption is not the issue here. The issue is the Legislature’s lack of understanding and unwillingness to be problem-solvers. I believe it would have been wiser to write the state question to exempt the intangibles at the local level this year, thus addressing the Chamber of Commerce’s fears of a large increase in taxation. The public service valuation could have been left as it currently exists to be addressed next session. This would have allowed the public service companies to protest their values to the State Board of Equalization and assured them of their due process.

tl;dr people are voting against their own interests because LESS TAXES = BETTAR, what else is new

 

[Glocktogo]

From a blog post by the Garfield County assessor:



tl;dr people are voting against their own interests because LESS TAXES = BETTAR, what else is new

Hmm, almost makes you think they should've structured the system better if they wanted it to prevail?

 

[poopgiggle]

Hmm, almost makes you think they should've structured the system better if they wanted it to prevail?

The result of SQ 766 passing will result in cuts to vital programs and increases on property taxes across the board. IDK how that helps fix the system.

 

[vvvvvvv]

The result of SQ 766 passing will result in cuts to vital programs and increases on property taxes across the board. IDK how that helps fix the system.

What programs are "vital"?

 

[hard_r]

There are state laws that will not let school systems use their bonded money for anything but capital projects. So let's change that law instead of taxing something else. Get the people together and we can vote on it! And the multiple accounts to pay separate things are inefficient and bureaucracy at it's finest.

You may be right, but those laws keep things fair. Otherwise, you get a superintendent who likes sports and he uses money to fund athletics over academics or ag or band. Obviously it's not perfect, but the alternative of one big pot has a lot of potential for problems.

 

[poopgiggle]

What programs are "vital"?

Since LOLbertarians practically want to privatize the fire department, I don't know how to answer this question in a way that won't end with you trying to get me to justify how public schools are vital.

 

[vvvvvvv]

You may be right, but those laws keep things fair. Otherwise, you get a superintendent who likes sports and he uses money to fund athletics over academics or ag or band. Obviously it's not perfect, but the alternative of one big pot has a lot of potential for problems.

If you read audit reports, you'll find that there's quite a few that get caught using money or resources in the wrong places, or just flat pocketing it. The penalty? "<Insert school name here> should take steps to not have this happen in the future." A few years later, same thing. Same people. Same circumstances. Same methods.

Reading audit reports is one of the reasons I left my taxpayer-funded job.

 

[Shootin 4 Fun]

Oklahoma seems to LOVE regressive taxes.

"Nope! Don't tax large firms for the value of their intellectual property, even though that constitutes a majority of the value of Fortune 500 companies! Tax poor people buying food!"

While I agree that groceries should not be taxed, I don't think that taxing cigarettes, booze and tattoos is regressive.