OKLAHOMA CITY – Senate Pro Tem Greg Treat, R-Oklahoma City, today announced the long-awaited reduction in Oklahoma's grocery tax will take effect Thursday.
The tax cut, which was approved during this year's legislative session, marks a significant step toward easing the financial burden on Oklahoma families. It also represents the largest tax cut in state history.
School-choice opponents have tried, and failed, to convince parents to oppose policies that grant greater educational opportunity to their children.
So now school-choice opponents have a new tactic: They’re urging Oklahomans to ignore reality.
Under the Oklahoma Parental Choice Tax Credit Act, all families in Oklahoma are now eligible for refundable tax credits of $5,000 to $7,500 per child to pay for private-school tuition. The lower a family’s income, the larger the tax credit. The program takes effect in January.
For both moral and fiscal reasons, the time is right to cut Oklahoma’s personal income tax.
The moral case is easy to make. Due to rampant inflation during the Biden presidency, families have steadily lost ground. Tax cuts will allow Oklahoma families to keep more of their earnings and help fill the hole.
Washington, D.C. (Feb. 16th) – Congressman Josh Brecheen issued the following statement after the nonpartisan Congressional Budget Office (CBO) released its Budget and Economic Outlook report for FY2023 to FY2033.
“These numbers are a siren, warning the American people to get our fiscal house in order. The CBO is projecting that our national debt will increase by an additional $22 trillion over the next 10 years with average annual deficits expected to be $2 trillion. At our current trajectory, we will be spending almost $3 trillion above what we bring in revenue at the end of this 10-year window and our annual interest payments on the debt will exceed total spending on national defense. We must course correct as economic security is key to our national security,” said Congressman Josh Brecheen.
Key Facts from the Report:
• FY 2023 Deficit: This year’s deficit is projected to be $1.4 trillion, making it the fourth highest figure in American history. The FY 2023 deficit is equivalent to 5.4 percent of GDP, well above the 50-year average of 3.6 percent.
• Interest Rates: The true cost increase for interest payments on the debt will be $183 billion above the prior year and will continue to grow at an alarming pace. Almost one-fifth of a trillion dollars will be lost to annual interest payment increases spurred on by inflationary consequences. The projected interest rate on 10-year Treasury notes for 2023 has increased from 1.5 percent when President Biden took office to 3.9 percent in CBO’s latest projection, compared to 3.0 percent in 2022. The 10-year average interest rate projection is 3.8 percent.
• Deficit Projections: Our annual deficits will double within ten years. The annual deficit projection will be $2.9 trillion (7.3 percent of GDP) in 2033.
• Debt Projections: Gross federal debt is projected to increase from $30.8 trillion (123.3 percent of GDP) in 2022 to $52.0 trillion (132.3 percent of GDP) in 2033.
• Spending Projections: Annual spending is projected to be $6.2 trillion (23.7 percent of GDP) in 2023. Annual spending is projected to grow to $9.9 trillion (25.3 percent of GDP) in 2033. Over the 2024-2033 period, spending is projected to total $80.0 trillion.
• Mandatory Spending: Projected to increase from $3.8 trillion (14.6 percent of GDP) in 2023 to $6.1 trillion (15.6 percent of GDP) in 2033. Over ten years, mandatory spending is projected to amount to $48.2 trillion.
• Inflation: The Consumer Price Index (CPI) is projected to increase by 4.0 percent in 2023, 2.4 percent in 2024, and about 2.0 percent each year thereafter.
Senate Leaders Respond to Gov. Stitt’s Continued Call for Tax Cuts
OKLAHOMA CITY (September 27, 2022) – Leadership in the state Senate Republican Caucus today released the following statements after Gov. Kevin Stitt continued his call for tax cuts.
“Philosophically, I am for lower taxes,” said Senate President Pro Tem Greg Treat. “Last year, I championed tax cuts and the members in the Senate were able to send responsible tax cuts and inflation relief to the governor’s desk. I’m proud to be part of the leadership in the state of Oklahoma, who has contributed to our current record savings, made critical investments into essential services, while living within our means. As we enter a recession, we must remember just a few short years ago we were scrambling with a $1.3 billion shortfall. We must be mindful and do tax cuts the right way. That is why I have appointed a tax policy working group. The members of this group are making serious strides to a long-term, sustainable plan to responsibly cut and reform taxes in our state.”
OKLAHOMA CITY (Aug. 9, 2022) – Governor Kevin Stitt responded to President Joe Biden and the Democrats’ disastrous $740 billion spending bill:
OKLAHOMA CITY -- The State Chamber Research Foundation (SCRF) is sharing a series of tax proposals for policymakers to consider as they work on tax policy and budget issues in future legislative sessions. The policies, which include both tax cuts for individuals and the elimination of business taxes that discourage growth and investment, are aimed at tackling inflation while promoting long term economic growth and tax relief.
The Democrats can't keep their language straight. Is is LGBT? LGBTQ? LGBTQ+? LGBTQIAAP? 2SLGBTG+? #2SLGBTQIAAPPABCXYZ+*? New letters (and now numbers) keep getting added to the back and the front. Which is it? Inquiring minds want to know. How dare you leave somebody out. That's bigoted... or something. [insert massive eyerolls]
OKLAHOMA CITY -- House Minority Leader Emily Virgin, D-Norman, held a press conference Thursday morning to call for immediate inflation relief for Oklahoma families.
Democrats expressed the need for financial relief for Oklahoma families before the 2022 legislative session began. A month and a half past the conclusion of the legislative session, the Republican supermajority has failed to follow through.
“We have had opportunities recently to provide relief,” Virgin said. “House Republicans and Governor Stitt joined House Democrats to call for an end to the state grocery tax. Democrats called for an end to the fuel tax, but Republicans tabled that measure.”
The Democratic Caucus renewed the call for immediate inflation relief in the wake of Panasonic rejecting a more than $700 million tax incentive.
The Legislature continues to work through the "inflation relief" special session. After some initial deadlock, it appears that the Governor and House have mended fences to a degree, but the Senate is a different story.
Two press releases, one from the House on top and one from the Governor below:
OKLAHOMA CITY (June 15th) – Senate President Pro Tempore Greg Treat has announced his appointments for a tax reform working group to study proposals in relation to the ongoing special session.
OKLAHOMA CITY (June 13th) – House Republicans introduced a slate of inflation relief bills in special session Monday, reiterating their support for helping Oklahomans overcome the rising cost of goods and services.
OKLAHOMA CITY – House Republicans will introduce a slate of inflation relief bills in special session Monday, reiterating their support for helping Oklahomans overcome the rising cost of goods and services.
In 2020, Oklahomans overwhelmingly voted for Donald Trump and to keep the Oklahoma Legislature in Republican control. Obviously, Oklahoman voters didn’t get their wish regarding the presidency, but state policymakers can still do their part to offset the disastrous fiscal policies of the Biden administration.
President Biden’s American Rescue Plan Act (ARPA) is a major contributor to out-of-control inflation, so Republican policymakers need to exercise extreme caution before pumping more ARPA funds into the state economy, which could make inflation even worse.
OKLAHOMA CITY, OK – Senator James Lankford (R-OK) joined Senators Tim Scott (R-SC) and John Thune (R-SD), and eight of their colleagues to introduce the Inflation Prevention Act (IPA) to help combat inflationary spending. Due to record government spending over the last two years, many Americans face rapidly rising costs of consumer goods. This bill would bar legislation estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent. Lankford, Scott, and Thune are joined on the bill by Senators Chuck Grassley (R-IA), Rick Scott (R-FL), Joni Ernst (R-IA), Todd Young (R-IN), Marco Rubio (R-FL), John Hoeven (R-ND), Bill Hagerty (R-TN), and Steve Daines (R-MT).
“It’s clear that Democrats’ reckless spending approach to the pandemic has created the inflation crisis Oklahomans now face, especially after inflation hit a devastating seven percent in December,” said Lankford. “I have warned about the impact of out-of-control spending on our economy for years. Our proposal protects against federal over spending that makes inflation worse, helps make sure future emergency spending only moves forward when absolutely needed, and reins it in when the federal pork barrel buffet starts to roll toward inflation.”
“American families cannot continue to endure the burden of skyrocketing costs of everyday goods brought on by reckless spending in Washington,” said Tim Scott. “A sound financial future requires wise financial action now.”
“Our country is facing the highest level of inflation in nearly 40 years, and South Dakotans are paying more for food, utilities, and gas,” said Thune. “I’m proud to join Sen. Scott in the fight to stop the Democrats’ reckless tax-and-spending spree, which would significantly worsen the already damaging inflation crisis.”
The Conservative View
by Russell Turner
Rock In A Well
We Americans used to be a people that saved money for a rainy day. My parent instilled in me the value of hard work and the skills of saving money. In the past, our leaders and our citizens in general seemed to have a better financial head on their shoulders. For most of my life I have had faith in the value of the dollar, but I question the wisdom that our current leaders are using with our economic system. I am still a few years away from retirement, but all of us need to be concerned with the direction our currency is headed. When you look at the way our currency value has plunged over the past decades, anyone with a piggy bank should be concerned.
We’ve all seen how the euro has collapsed, shedding as much as 8% of its value in barely a month. The same forces that caused the devaluation of the euro can affect the dollar as well. Warren Buffett recently commented about cash held in U.S. dollars ... "Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value." Consider the following...Even a McDonald's hamburger — which cost a mere 57 cents in 1959 — now costs $4.29, an increase of 653%, or just over 13% per year. At the current rate, a little over six years from now a Big Mac could cost twice that, or $8.58. These examples are just a sampling of what has happened over the past decades, but these devaluations can happen in a very short period of time. Whenever a country spends beyond its means and starts cranking up the printing presses, the value of your money will sink like a rock in a well. While we all get into a frenzy about the stimulus spending and wanting to get our fair share of it, we are laying the seeds of our own financial downfall. When someone retires and they sell a business, they count on those funds to provide for their needs. If our government doesn’t stop the spending binge we are in, our currency won’t be worth as much as the rock we tossed in a well. Well, maybe we will have enough to buy a pricey Big Mac.
- It now takes $6,167.83 to buy what $5,000 bought just ten years ago
- $27,319.59 to buy what $5,000 bought in 1970
- $44,075.92 to buy what $5,000 bought in 1950
If you wish to contact Russell Turner, or want to subscribe to his email loop, email him at rdrepublican@windstream.net.The Conservative View
by Russell Turner
Wheelbarrows and Money
For any country to be a world power they first must have a strong economy. Most people would think a strong military is the only requirement, I feel that the economy and the value of any currency has a direct impact upon the stature of a country. For generations the American dollar has been the currency that was welcomed anywhere in the world. Even our enemies admired our strong currency. I believe the dollar was strong because of the conservative values our forefathers lived by.
It is amazing to me how the American people hardly raise an eyebrow when the American dollar loses value to other currencies around the globe. It is especially sad for the people who have retired and are relying upon their savings to take care of themselves in their later years. To put it into perspective, if you buy a radio today from Japan for 10 dollars then in a month the dollar loses half of its value the same radio would cost you 20 dollars. If you have a total collapse of the value of a currency, all of your life’s work would be for nothing. The more fortunate people would be the ones that are still able to work, in such a scenario their wages would be adjusting at a continual rate. There have been countries where the workers would get paid on a daily basis so that they could spend their money quickly while it still had some value. In Germany after WWI, the hyper inflation was so bad that it would have taken a wheelbarrow full of money just to buy a loaf of bread.
One of the main causes of hyper inflation is a country living beyond its means. Whenever a country goes into debt and keeps borrowing money or printing money just to operate is one of the major causes. In our personal lives, if a friend wants to borrow money from you then you find out that he has borrowed from all of his other friends, you are going to be reluctant to loan him anything. More than likely if you do loan him some money you are going to require a higher interest rate to offset the extra risk. Many Americans have fallen in love with all of the government spending; if we keep spending maybe it would be a good idea to save enough to buy everyone a wheelbarrow so that we can haul our cheap money around.
