BOB MOORE FINANCIAL CONSULTING
Brookhaven Square - 3509 Brookford Drive, Norman, OK 73072
Phone 580-695-0331 - Fax 866-383-4120
http://bobmoorefinancing.
1-minute video of Bob Moore Financing https://youtu.be/zDlVXM9a9T8
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February 13, 2024
To elected officials
RE: Tax reform to make a better State Economy
Have your staff run a financial projection!
First, I would prefer to have zero property tax than zero income tax. We do not want property tax like Texas where (older) people cannot afford to pay property tax on their homes.
Question – what would it take to get ten companies that are located in the northeast (high tax States) to open branch offices in Oklahoma that would employ ten people? Ten new jobs in small towns is a huge deal.
First item, I believe the first $100,000 of income should be tax-free for corporations and individuals to be replaced with a State Payroll Tax of TWO PERCENT (2%).
To encourage out-of-state companies to re-locate a branch office in small towns, I believe the State of Oklahoma should grant an additional $100,000.00 of income should be tax-free for corporations. This second $100,000 exemption is for towns under the population of Five Thousand People. Exemption would be good for ten years.
This would be FAIR treatment for everyone. First dollar is taxed - last dollar is taxed with no exemptions including State employees and executives of large oil companies. This two percent payroll taxes is collected by the business owners and paid to the State government just like FICA tax from every pay check. Better to get paid 26 times a year versus once a year.
Reform Property Tax and add Excise-Wholesale Sales Tax.
Second item, I believe the State should charge a ten percent (10%) wholesale sales tax on Out-of-State Sales. Oklahoma has lots of companies like Bar-S Foods that sell products out of state. Out-of-State sales do not collect any sales tax.
I believe the State should charge an Excise - Amended Value-Added Tax or a wholesale sales tax that is only charged on out-of-state sales that includes food items and oil&gas products and others. The US Supreme Court says States can charge sales tax on out-of-state-sales (internet sales).
Property Tax - all my life I have heard people say – why should I build a big house or why should I clean up my place – it will make my taxes go up.
The issue of property tax would not set well with our Founding Fathers. You buy a house with after-tax dollars then you are taxed each year on the value. The State Government gives tax breaks to get businesses to move to Oklahoma but the biggest best tax break should go the taxpayers and homeowners of Oklahoma. There is a better way that is FAIR.
Eliminate the property tax and personal property tax on homeowners and raise the Sales Tax.
Illegal aliens are not going to pay property tax or income tax but they will pay sales tax and this is a major reason to always charge sales tax on food. If the numbers of illegal aliens are correct then we need to change our tax system by eliminate the property tax and personal property tax on homeowners and raising the Sales Tax.
Oklahoma has 77 counties and we have over 150 different sales tax rates - this is very anti-business friendly. If we remove State Sales Tax on Food then that number of sales tax rates doubles or triple.
Especially need sales tax on food so everyone gets to pay some tax. Sale of Newspapers, Real Estate and Legal Fees to be exempted from sales tax.
State government would have to guarantee the schools and city governments and county governments their current dollar amount per year.
The State should consider giving up an extra 30 percent of 1% of State money. The State could transfer 10 percent of 1% percent each to school, city and county to be paid into a sinking fund for future bond issues.
School 10 + city 10 + county 10 = 30 percent of 1%.
Statewide sales tax of Ten Percent (10%) Maximum. Keep the program simple, 10% was good enough for GOD, 10% should be good enough for the government.
Allocate the Sales Tax as follows:
That 1% sales tax be earmarked towards EDUCATION;
That 1% sales tax be earmarked towards ROADS;
That 2% sales tax be earmarked to County Governments;
That 3% sales tax be earmarked to City Governments;
That 3% sales tax be earmarked to State Government;
That is a total of 10% MAXIMUM Statewide Sales Tax
Put Government on commission.
With this type of tax system, if the schools, City and County Governments wants more money to spend, they must encourage Oklahoma businesses to open branch offices in their county and out-of-state businesses to expand in Oklahoma.
This needs to be voted on by the people as part of the Constitution to lock in the rate so our citizens and businesses can plan for the future.
NEED NEW ZIP CODE MAP
Many small towns do not have their own zip codes anymore and now people are buying so much online from companies like WalMart and Amazon.
I am asking for you to request new ZIP CODE map for the entire State of Oklahoma that includes school districts, city limits and county line(s).
Sales tax is paid according to ZIP CODE and the money is going to the wrong place. With more county, city and schools getting part of the sales tax this is now a big issue. Not asking for more post offices – asking for more zip codes.
This would get the State Government out of micro-managing the daily life of the taxpayers. It is called FREEDOM! An advantage given by the government to one person means an unfair dis-advantage to all other Americans. Our Founding Fathers believed that small government and less taxes means more freedom.
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Respectfully,
BOB MOORE
