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Wednesday, February 20, 2008 OK Legislator's Blog
Can you imagine a situation in the private business world where one part of the business was allowed to issue millions of dollars of debt without approval from the board of directors? Certainly it would not be long before that business would simply cease to exist. No doubt it would be driven into bankruptcy by out-of-control employees who spend without check or balance. Yet that is exactly what is occurring in state government. The Regents for Higher Education are issuing millions of dollars of bond projects without the approval of the legislature. The projects not only indebt state government to paying off the principal of the debt, but the unnecessary interest as well. In fact, it appears that in the last 8 years, more than 250 million dollars have been issued by the Regents in debt. Currently, around 180 million of this is still waiting to be paid back. The money has been requested for use on projects as varied as athletic score boards to golf course maintenance equipment. Recently, a courageous member of the Council of Bond Oversight asked his board to seek an Attorney General’s opinion on the constitutionality of the Regents to issue this kind of debt. Unfortunately, not enough members of his board voted to support his effort, and it failed. Read more... Hello again, everybody! Legislative committees in both the Senate and House of Representatives continue consideration of the hundreds of bills filed for 2008. One of the worst proposals on the table this year is a measure that would begin to “sunset,” or systematically end, many of our state’s tax exemptions. The result would be a systematic tax increase for a broad spectrum of Oklahoma business activities. In fact, if enacted as presented, it would by far be the largest tax increase in Oklahoma’s history Proponents of ending those exemptions have been clear: they want to raise taxes so they can cut taxes – primarily for the wealthiest among us. I know; it does not make sense to me, either. This proposal would be a “tax shift” that is potentially devastating for many Oklahoma businesses and jobs. It could drive up food prices for you and me, but more on that in a moment. This notion of “tax shifting” – from an economic development standpoint – troubles me greatly. In essence, ending these exemptions would be breaking a promise we made to businesses that have invested in our state and our people. Businesses relocate or expand into a state based on a set of promises. New and existing businesses that make new investments and create new jobs do not deserve to have the rug pulled out from under them by eliminating exemptions on which they depend. Read more... Labels: OK Legislator's Blog, Rep. Jason Murphey, Sen. Gumm Posted at 2/20/2008 03:49:00 PM 
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