A $600 million revenue gap Democratic Gov. Brad Henry and legislators must fill is only a fraction of the funding wiped out by a series of state tax cuts in recent years."Wiped out," huh? Sounds serious.
According to Tax Commission figures, tax reductions approved between 2005 and 2007 will surge past $1 billion this year and total $2 billion by the time they take full effect in fiscal year 2011."Surge," huh? Sounds ominous. Two billion dollars! Can you imagine such a thing? Oklahomans get to keep some of their own money instead of giving it to people to whom it doesn't belong. What next?!
Republican leaders, who pushed hard for the tax reductions, are now in full control of the Legislature for the first time in state history and will have to deal with lost revenue and budget reductions.One wonders if Brad Henry, who signed the tax reductions into law, will have to deal with lost revenue and budget reductions.
The GOP leaders defend the reductions on both philosophical and economic grounds.What about Brad Henry? Does he defend the tax reductions? The AP doesn't tell us. Why not? After all, these GOP leaders didn't have veto-proof majorities. None of this surging and wiping out would be happening apart from Brad Henry's signature.