Leading Oklahoma Economists Criticize Tax Cut Plan

Thursday, April 5th 2012, 7:27 pm
By: News 9

Several of Oklahoma's leading economists are criticizing a plan to completely phase out the state's personal income tax and are urging lawmakers to exercise caution as they consider reducing the tax rate.

Economists from the University of Oklahoma and Oklahoma State University were among several speakers Thursday at a panel discussion on plans to eliminate the state income tax.

The economists were particularly critical of the so-called Laffer plan, named after conservative economist Art Laffer, which would completely eliminate the state's income tax during the next decade.

Meanwhile, officials with the Oklahoma Council of Public Affairs, a think-tank pushing the Laffer plan, are urging lawmakers not to ease up on their plan to cut and eliminate the income tax despite growing resistance from several groups.