White House: Fiscal cliff would hit Oklahoma economy, taxpayers
BY CHRIS CASTEEL NewsOK.com
Friday, November 30, 2012
11/30/12 at 5:08 AM
WASHINGTON - Income tax hikes set to be triggered in January would force Oklahoma consumers to pull back on spending and stunt the growth of the state's economy, according to a White House report released Thursday.
Should federal income tax rates return to the levels of a decade ago, the average Oklahoma family of four with an annual income of $63,100 would see its tax bill rise by $2,200 next year, the report says; in all, 1.3 million Oklahoma families would have higher federal income tax bills.
Oklahoma consumers would spend an estimated $2.2 billion less next year, and the state's gross domestic product would decline by 1.5 percent, the White House said.
Congressional Republicans and the White House are in a standoff over the expiring tax cuts. President Barack Obama wants to retain the current rates for couples with income under $250,000, while Republicans want to preserve the rates for all taxpayers, including those in the top brackets.
Original Print Headline: Report: Fiscal cliff would hit Oklahoma
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