February 6, 2012
OKLAHOMA CITY, Feb. 6, 2012 – Jerrod Shouse, Oklahoma state director of the National Federation of Independent Business, today applauded Gov. Mary Fallin’s plan to ease the income-tax burden on small businesses that file at the individual level. The governor outlined her proposal in today’s State of the State Address.
"Governor Fallin's plan to reform and simplify the tax code by reducing the top income-tax rate from 5.25 percent to 3.5 percent, eliminating loopholes and reducing the number of brackets from seven to three is welcome news for Oklahoma's small business community," Shouse said.
"This simplification of the tax code means that our state's small business owners can spend less time meeting with their accountants trying to figure out complicated schedules and deductions, and more time back at their businesses working to grow Oklahoma's economy," he said.
"Many new small businesses, especially in this economy, start off by making very little profit," Shouse said. "By eliminating the income tax on those making $15,000 or less, that may mean the difference between a small business staying open rather that shutting their doors for good.
“Reducing the income tax also would help encourage spending in this challenging economic climate," he said. "If people pay less in state income taxes, that means they have more money in their pockets to spend, and that’s good for small businesses and the economy."
NFIB/Oklahoma is the state's leading small-business association, with nearly 3,700 member businesses statewide.
NFIB is the nation’s leading small business association, with offices in Washington, D.C., and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of our members to own, operate and grow their businesses. More information is available online at www.NFIB.com/newsroom