It sounds hopelessly subjective.
As usual, articles about taxes and votes on them are confused and confusing.
Taxing of intangible property is downright stupid. It is an open ended tax subject to abuse and broad interpretation. It can go as high as the central appraisal authority wants it to go. For example: The taxing authority has no expertise in valuing things such as patents, inventions, formulas, designs, and trade secrets. The value is almost totally subjective. Mischief is likely to punish enemies and help friends in valuing such items. Another example, what is the value to be taxed of an insurance policy that is held but not used nor does the owner ever hope to use it? Absurd.
In simple terms vote YES in favor of the proposal to end the Taxation of Intangible Property.
The spending authorities are all squalling about loss of revenue and unfunded liabilities. If we can pay full time benefits for less than half-time work at 50% more than a full-time teachers pay for support personnel in our public schools... let ‘em squall. They have too much money anyway.
These bills are written by a bunch of Damn lawyers and are intended to confuse the sheeple... many, if not most, can’t understand something worded as “carefully” as this and other questions. Why not just say:
“Do you want the State to continue to tax intangible property?
Yes or No
Examples of intangible property that is now taxed include:
o patents, inventions, formulas, designs, and trade secrets;
o licenses, franchise, and contracts;
o land leases, mineral interests, and insurance policies;
o custom computer software; and
o trademarks, trade names and brand names. “
Fallon and others have also floated the foolish idea of eliminating the state income tax. Do not deceive yourselves or fall for the illusion that your taxes will go down. The State has to have revenue and it will have to come from somewhere else.... that somewhere else is INCREASED PROPERTY TAXES. You pay income tax on what you have earned. You pay Property Tax even if you EARN NOTHING and HAVE NO MONEY. This is Texas all over again... it does not work well for people who are not employed and it puts the power of the purse in the hands of too many local entities... more opportunity for mischief.
It is either increased Property Tax or increased taxes somewhere else like sales taxes. Oklahoma already has one of the highest sales taxes in the country. Border cities will be hurt by higher sales taxes and already are in many cases.
No, the real advantage in attracting business and keeping Oklahoma competitive is sound Fiscal Policy and uniform SIMPLE taxation. If Oklahoma really wanted to be distinct and lead the way Oklahoma would adopt a FLAT TAX. Even Russia understands a FLAT TAX is better than the spoils system we have in Oklahoma and the United States. Our tax code is used by politicians to give out trinkets tot their friends and punish their enemies. It is a multi-headed monster that destroys anyone who dares to challenge it. Crush the foolish arguments about the FLAT TAX hurting low income people by letting everyone have a tax exemption on a living income that is indexed to inflation... simple, easy, equitable, rational and right. I am one of the people who does not care about fair, only right or wrong. Fair is a subjective concept that is ill defined and boiled in emotion.
SQ 766 says:
RESOLUTION OR BILL NUMBER:
SJR 52
CITATION:
Amends Art. 10, § 6A
SUBJECT:
Exempts all intangible personal property from ad valorem taxation
ELECTION DATE:
BALLOT TITLE:
This measure amends Section 6A of Article 10 ofthe Oklahoma Constitution. At present that section exempts some intangible personal property from ad valorem property taxation. This measure would exempt all intangible personal property from ad valorem property taxation.
Intangible Personal Property which is still currently taxed but would not be taxed if the measure is adopted, includes items such as:
o patents, inventions, formulas, designs, and trade secrets;
o licenses, franchise, and contracts;
o land leases, mineral interests, and insurance policies;
o custom computer software; and
o trademarks, trade names and brand names.
If adopted, the measure would apply to property taxation starting with the tax year that begins on January 1,2013:
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL
Yes: __________
AGAINST THE PROPOSAL
No: __________
STATUS:
To be referred to the people for their approval or rejection at the next regular general election pursuant to OKLA. CONST. Art. 24, § 1.