The Enid News and Eagle, Enid, OK

National and world

December 4, 2012

Oklahoma treasurer says fiscal cliff may harm economy

OKLAHOMA CITY — Oklahoma's treasurer warned Tuesday that the so-called federal fiscal cliff's combination of tax hikes and reduced government spending could harm the state's economy.

Congressional negotiators are working with President Barack Obama to avoid steep tax hikes and spending cuts set to go into effect at the beginning of 2013.

Treasurer Ken Miller said failure to reach a compromise would mean a tax increase for Oklahomans and likely spending cuts at the state's military bases and government facilities.

"The way that they handle this fiscal cliff will affect Oklahoma's growth," Miller said. "With each day you have more and more concern. It doesn't seem that there is a lot of compromise going on."

Miller, a Republican elected to the statewide post in 2010, railed against what he described as "out of control federal spending" but said the deep cuts would be devastating.

Meanwhile, Miller said state revenue collections dipped slightly in November primarily because of reduced gross production payments on oil and natural gas. But he said consumer confidence remains high and sales tax receipts rose.

"In spite of a slight dip in receipts for the month, there's no reason to believe Oklahoma's economy is pulling back," Miller said. "Over the past 12 months, receipts have grown by almost 5 percent."

Sales tax collections in November were up 8.5 percent from the prior year. Receipts for Black Friday, considered the biggest shopping day of the year, will not be remitted until Dec. 20.

"But certainly all indications are that was a good day," Miller said.

Miller said gross revenue between December 2011 and November was about $11 billion, $487 million higher than collections from the previous 12 months. Personal income tax collections for the period totaled $3.36 billion, up $203 million from the prior 12 months. Corporate collections were $594 million, an increase of $123 million.

Sales taxes generated $4.15 billion, an increase of $334 million from the prior 12 months. Oil and gas production tax collections brought in $739, down almost $303 million, and motor vehicle collections totaled $709 million, an increase of $55 million from the previous 12 months.

 

1
Text Only
National and world
  • House Obama Lawsuit.jpg Republican-led House approves lawsuit against President Obama

    Just a day before lawmakers were to begin a five-week summer recess, debate over the proposed lawsuit underscored the harshly partisan tone that has dominated the current Congress almost from its start in January 2013.

    July 31, 2014 1 Photo

  • Russia Putin web.jpg Sanctions could damage Russia

    The sanctions go further than earlier penalties — which had largely targeted individuals — by broadly limiting the trade of weapons and of technology that can be used in the oil and military industries. The EU also put its capital markets off-limits to Russian state-owned banks.

    July 31, 2014 1 Photo

  • Mideast Libya web.jpg Thousands flee to Tunisia to escape Libya fighting

    Many diplomats, including the U.S. ambassador, have pulled out of the country. With the interim government paralyzed, the fighting threatens the planned opening session of the newly elected parliament on Aug. 4.

    July 30, 2014 1 Photo

  • Obit Robert Drew web.jpg Cinema verite documentarian Robert Drew dies

    Starting in 1960 with “Primary,” Drew produced and sometimes directed a series of television documentaries that took advantage of such innovations as light hand-held cameras that recorded sound and pictures.

    July 30, 2014 1 Photo

  • Obama Ukraine Russia_Hass_W.jpg GOP-led House approves lawsuit against Obama

    The suit will contend that Obama has exceeded his constitutional powers in the way he has enforced the 2010 health care law.

    July 30, 2014 1 Photo

  • Texas: Gay-marriage ban best for children

    Texas’ ban on same-sex marriage allows the state to promote the birth and upbringing of children in “stable, lasting relationships,” the state’s attorney general argued Tuesday while asking a federal appeals court to reinstate the ban.

    July 30, 2014 1 Story

  • OKCupid, Facebook not alone in studying consumers

    Dating is hard.

    July 29, 2014

  • Abortion-Mississippi_Hass.jpg U.S. appeals court blocks Mississippi abortion law

    The 5th U.S. Circuit Court of Appeals voted 2-1 to overturn Mississippi’s 2012 law requiring abortion doctors to obtain admitting privileges at nearby hospitals.

    July 29, 2014 1 Photo

  • U.S. Court: Virginia marriage is for all lovers

    “We recognize that same-sex marriage makes some people deeply uncomfortable. However, inertia and apprehension are not legitimate bases for denying same-sex couples due process and equal protection of the laws,” Judge Henry F. Floyd wrote.

    July 28, 2014

  • Sierra Leone West Af_Brac-1.jpg New fears about Ebola spread after plane scare

    Patrick Sawyer’s death on Friday has led to tighter screening of airline passengers in West Africa, where an unprecedented outbreak that emerged in March has killed more than 670 people in Guinea, Sierra Leone and Liberia.

    July 28, 2014 1 Photo 1 Story

Featured Ads