Widgets Magazine
Page 3 of 6 FirstFirst 123456 LastLast
Results 51 to 75 of 129
  1. #51

    Default Re: Oklahoma Economy

    Quote Originally Posted by Eric View Post
    You all realize that the only way to avoid the taxes essentially would be to leave the income in the business. If say Self takes 1 million for himself, he pays tax on his 1040 just as he and everyone else has always done. However before this law was implemented every dollar of "income" the LLC/Partnership generated was taxed on his 1040, whether or not he actually utilized it personally or re-invested it in the company.

    None of the above is a recommendation of how I feel about the law. Just a clarification of what is actually happening because I think some might be confused (I may be wrong there too, so...)
    No. The law exempts any non-wage income an individual receives through a pass through entity (i.e. a sub-chapter S limited liability company). Whether the income remains in a business account or not is immaterial insofar as tax liability is concerned.

    http://www.dysarttaylor.com/news-eve...rough-entities

  2. #52

    Default Re: Oklahoma Economy

    Quote Originally Posted by bchris02 View Post
    Oklahoma used to be around the middle of the pack, maybe on the lower half of that but still decent. Today, it's down alongside places like Arkansas, Mississippi, and Alabama. I blame the complete takeover of 23rd and Lincoln by the far right for that. This state needs moderates in control who actually have what it takes to get stuff done, not the ultra-religious ideologues that currently run the place.
    Quote Originally Posted by jerrywall View Post
    Really? Or is that just rose colored glasses looking back? Sure, we had a nice boom time in the oil sector, but I looked for every economic ranking I could find going back to 2007, and couldn't find any putting Oklahoma above 40. We've always been at the bottom of the pack, and there are so many factors that blaming one party or one legislative session on our positioning is absurd.
    Quote Originally Posted by TheTravellers View Post
    First of all, 2007 is only 10 years ago, there's much more economic history than that (may not be easily findable, though), and second, I (and probably most other people) wouldn't consider 40th out of 50 to be "the bottom of the pack", that's in the bottom 20% and the very top position of the bottom 20% at that. I (and probably most other people) would most likely consider "bottom of the pack" to be 45th-50th.
    Quote Originally Posted by jerrywall View Post
    I'm sure there's more data out there, but you're right, it doesn't appear to be easily findable. And yes, there is more economic history. Like the dust bowl days. Or more recently the wonderful 80's. Remember when Enid was a thriving city? Oklahoma's economy has always ebbed and flowed. It just doesn't flow very high. And that 40th position was during an oil boom. I bet depending on the methodology if you averaged out Oklahoma's economic history, we're probably sitting in the 45-50th position.
    Quote Originally Posted by bchris02 View Post
    I agree with this.

    40th, for a small rural state like Oklahoma, isn't that bad in the grand scheme of things. However, the 45th-50th bracket is where states that are commonly considered the worst of the worst fall (like Mississippi). It's a shame that's where Oklahoma now finds itself all due to stupidity at 23rd and Lincoln.
    Quote Originally Posted by Eric View Post
    Oklahoma is predominantly oil and gas and agriculture. While energy can be huge, it can be the opposite as well. Ag in this state was never really anything compared to say Indiana/Iowa/Nebraska or those types of areas. They have the resources (water) that we just don't and will never have. But we still rely heavy on ag.

    All that being said, barring a complete reworking of our economy (unlikely) I don't see us ever really moving into the top half of the U.S. economy. We just don't have the resources/climate/location for that type of move up. We should be pleased with mid 30's if that ever happens.

    And as was also mentioned prior, consider Oklahoma only became a state in 1907, and there really wasn't any non-indiginous population moving into the state too long before that. Consider cities/areas like Chicago had already been trucking along for 100 plus years. 1.7 million people lived in Chicago by 1900. Today Oklahoma has at least double that, but Chicago metro has 9 million. As with education, Oklahoma will ALWAYS be behind the curve, since the curve was generally set 100 years before we even got started.
    Quote Originally Posted by bchris02 View Post
    I think getting into the 30s would be great for Oklahoma. Given the size of the state and the industries that are here, that is probably the best the state could hope for. Oklahoma will never be a powerhouse state; it just doesn't have the population, economic diversity, or metro areas large enough to get there. It can and should however be well above Mississippi and Arkansas.
    Quote Originally Posted by Plutonic Panda View Post
    I'm not trying to bash you in particular, but this sort of mentality sucks. Realistically, will Oklahoma ever be number one? Probably not. But it wouldn't hurt the state to aim for and be in the 30s then hope to be in the thirties because that's all that the people of Oklahoma think is possible for them.
    Oklahoma's $186B GDP ranks 29th in the country, and 34th in growth rate in Q4 2016.

    https://www.bea.gov/newsreleases/reg...f/qgsp0517.pdf

  3. #53

    Default Re: Oklahoma Economy

    Industry ----- OK GDP value ($ billions) ----- Sector % of OK GDP
    Agriculture ------------------- 2.232 ------------------------------------ 1.2%
    Mining ------------------------ 20.182 ---------------------------------- 10.9%
    Utilities ------------------------ 4.550 ------------------------------------ 2.5%
    Construction ---------------- 8.146 ------------------------------------ 4.4%
    Manufacturing ------------ 17.751 ------------------------------------ 9.6%
    Trade ------------------------- 21.688 ---------------------------------- 11.7%
    Transportation ------------ 10.299 ----------------------------------- 5.5%
    Information ----------------- 4.303 ------------------------------------ 2.3%
    Finance ---------------------- 25.534 ---------------------------------- 13.8%
    Professional --------------- 16.017 ------------------------------------ 8.6%
    Education & Health ----- 14.631 ------------------------------------ 7.9%
    Entertainment ------------- 6.638 ------------------------------------- 3.6%
    Other Services ------------- 4.076 ------------------------------------- 2.2%
    Government --------------- 29.552 ---------------------------------- 15.9%
    Total ------------------------- 185.602 ---------------------------------- 100%

  4. #54

    Default Re: Oklahoma Economy

    If Oklahoma's conservatism is a detriment to attracting business, and I'm not saying it isn't, I wonder how such left-leaning states as California, Washington and Oregon; all havens to considerable anti-capitalist / anarchist ideology are thriving. Maybe it does come down to topography and ocean views.

  5. #55

    Default Re: Oklahoma Economy

    Quote Originally Posted by KayneMo View Post
    Oklahoma's $186B GDP ranks 29th in the country, and 34th in growth rate in Q4 2016.

    https://www.bea.gov/newsreleases/reg...f/qgsp0517.pdf
    This makes our quality of life, health, education issues even worse. We are near last in all of those rankings yet middle of the road in GDP. We simply dont care as a state to invest in ourselves.

  6. Default Re: Oklahoma Economy

    Quote Originally Posted by jerrywall View Post
    Really? Or is that just rose colored glasses looking back? Sure, we had a nice boom time in the oil sector, but I looked for every economic ranking I could find going back to 2007, and couldn't find any putting Oklahoma above 40. We've always been at the bottom of the pack, and there are so many factors that blaming one party or one legislative session on our positioning is absurd.
    Oklahoma in 2016 ranked 28 in per capital personal income, and has consistently ranked in the 20s in the last few years. Source is www.bea.gov.
    Continue the Renaissance!!!

  7. #57

    Default Re: Oklahoma Economy

    California, Washington, and Oregon are anti-capitalist and anarchist?

    Considering those states combined are the 5th largest economy in the world, maybe Oklahoma should try their form of government. Then, this is absurd. Capitalism thrives on the west coast and anarchy isn't a significant political force anywhere in the US or the rest of the world.

    I have a feeling the definitions of anti-capitalism and anarchy are being confused with "that which is not in line with Oklahoman conservatism."

  8. #58

    Default Re: Oklahoma Economy

    Quote Originally Posted by onthestrip View Post
    This makes our quality of life, health, education issues even worse. We are near last in all of those rankings yet middle of the road in GDP. We simply dont care as a state to invest in ourselves.
    We have several counties with 20+% illiteracy and numerous in excess of 15%. That's third world level.

    Yet, we refuse to be adults and raise income taxes to pay for education. Companies who are starting new operations consider literacy and the quality of public education when choosing locations. Without literacy, the workforce isn't likely to be high quality. Without good schools, the executives and managers won't want to move their families here or be able hire the out of state workers they will likely need.

    But, tax cuts always magically raise revenue so we should keep following that path since its proven so effective over the past 27 years. If we only five it another generation, I'm sure it will finally work. If not in 30, maybe 60.

  9. #59

    Default Re: Oklahoma Economy

    People without ties to this state are leaving for things like better education for their kids. I hate to say it but I think another brain drain is coming.

  10. #60
    Join Date
    May 2008
    Posts
    12,627
    Blog Entries
    3

    Default Re: Oklahoma Economy

    Quote Originally Posted by Hondo1 View Post
    If Oklahoma's conservatism is a detriment to attracting business, and I'm not saying it isn't, I wonder how such left-leaning states as California, Washington and Oregon; all havens to considerable anti-capitalist / anarchist ideology are thriving. Maybe it does come down to topography and ocean views.
    True, and the usually great weather as well. Also California has long had a good reputation as a place to go to, in order to get a job since at least the Dust Bowl Days. Not even the threat of earthquakes scare people away. Lack of economic opportunities will likely scare more people away from Oklahoma than its earthquakes.

  11. #61
    Join Date
    May 2008
    Posts
    12,627
    Blog Entries
    3

    Default Re: Oklahoma Economy

    Quote Originally Posted by bradh View Post
    People without ties to this state are leaving for things like better education for their kids. I hate to say it but I think another brain drain is coming.
    Led by school teachers. But it's what Oklahoma voters want as was proven in 2016 by their rejection of penny sales tax for education and voting back in legislators, who had been voting for tax cuts and supporting anti-public education bills, in other words, pro private schools. We'll see if voters still want all that after the elections of 2018.

  12. #62

    Default Re: Oklahoma Economy

    Quote Originally Posted by bradh View Post
    People without ties to this state are leaving for things like better education for their kids. I hate to say it but I think another brain drain is coming.
    ive met several people out here lately who have said they have recently left Oklahoma just because they wanted out of the state.

    I don't say that to talk sh!t about Oklahoma. I love my home state and want to see it prosper. I fear you are right and I'm worried about that as well. This lady from Tulsa said she was about to go insane and had been trying to convince her husband to move out for over 5 years and they finally moved to Orange County. I have heard about 6 or so stories like that.

    Anecdotal, yes. But surely I didn't hear all six stories there were to hear. I'm hoping and praying for a leadership change.

    Some rather depressing news lately but if OKC pulled itself out of the 80s surely this won't be that bad. I just hope we don't loose FAA. That would really hurt OKC I think.

    Though there are lone cities in states where everyone of them suck. Oklahoma neighbor, Lousiana is a prime example with a horrible state but great city like New Orleans.

    Arkansas is the same way with the NW metros being the only cool place in the state, imo. I'm not a fan of Little Rock. Missouri as well. St. Louis sucks and Kansas City is decent. These are my opinions of course but it does give me hope for OKC. I think the city will do okay as long as the FAA doesn't leave. An oil boom would be very welcome. A state leadership change would be the best thing that could happen.

  13. #63
    Join Date
    May 2008
    Posts
    12,627
    Blog Entries
    3

    Default Re: Oklahoma Economy

    Quote Originally Posted by Plutonic Panda View Post

    Though there are lone cities in states where everyone of them suck. Oklahoma neighbor, Lousiana is a prime example with a horrible state but great city like New Orleans.
    I know Oklahoma just lost two people to New Orleans. The two OSU graduates, who had been living in my rent house, got jobs there. They had been working at the Hideaway to save some money and to take time to decide what next to do. Some OSU graduates are slow to leave Stillwater, and in this case, Oklahoma.

  14. #64
    Join Date
    May 2008
    Posts
    12,627
    Blog Entries
    3

    Default Re: Oklahoma Economy

    Quote Originally Posted by Eric View Post
    Democrats didn't exactly have this state running perfectly. Going back to the "good ol days" probably is never as good as anyone imagines it to be.
    Right. During the 1990s, Oklahoma was the only state in which life expectancy went down, instead of up. I can remember a head from the Oklahoma Health Dept. saying that in Stillwater before an activist group over 10 years ago.

  15. #65

    Default Re: Oklahoma Economy

    Quote Originally Posted by Bunty View Post
    I know Oklahoma just lost two people to New Orleans. The two OSU graduates, who had been living in my rent house, got jobs there. They had been working at the Hideaway to save some money and to take time to decide what next to do. Some OSU graduates are slow to leave Stillwater, and in this case, Oklahoma.
    New Orleans is a great city and very unique. I love it and could easily live there.

  16. #66

    Default Re: Oklahoma Economy

    I think there is only so much OKC can do about this. It's really not an OKC problem. It's a state problem and until something changes, OKC will be at the mercy of the state. Considering the lot that it has been given, OKC has done some remarkable things in recent years. Tulsa also should be doing better than it is.

    The government needs to cut the religious conservative nanny-statism. The younger generation is more liberal, especially on social issues like gay marriage, religion, and marijuana legalization. A more libertarian conservative attitude like the mountain west would do this state so much good. However, as long as the statehouse is dominated by representatives who believe they are on a mission from God to "Reclaim America for Christ", Oklahoma will continue to suffer somewhat of a brain drain or be at risk of it during certain phases of the economic cycle. It will also deter some companies, especially tech companies which tend to have liberal values embedded in their culture, from considering locating in Oklahoma.

  17. #67

    Default Re: Oklahoma Economy

    Very tired of the negativity so here's a bit of good news. May have been posted already but...... http://m.newsok.com/article/5551289?...areBar-Twitter

  18. #68

    Default Re: Oklahoma Economy

    Quote Originally Posted by Plutonic Panda View Post
    ive met several people out here lately who have said they have recently left Oklahoma just because they wanted out of the state.

    Some rather depressing news lately but if OKC pulled itself out of the 80s surely this won't be that bad. I just hope we don't loose FAA. That would really hurt OKC I think.

    These are my opinions of course but it does give me hope for OKC. I think the city will do okay as long as the FAA doesn't leave. An oil boom would be very welcome. A state leadership change would be the best thing that could happen.
    I've met people who can't stand California (cost of living, politics, population, commute, etc) and will never go back. Different strokes for different folks.

    We are not losing the FAA anytime soon. It would take a BRAC level proposal for this to happen. We might lose the ability to train Air Traffic Controllers if privatized but that isn't for certain either.

  19. #69

    Default Re: Oklahoma Economy

    Anecdotal evidence is just that. I know plenty of folks who moved here post Katrina from New Orleans who love it here. There are always folks moving in and out of the state for various reasons. I don't have rose colored glasses, and I know there are things to be fixed, but plenty of folks love living in Oklahoma.

  20. #70

    Default Re: Oklahoma Economy

    Quote Originally Posted by jerrywall View Post
    Anecdotal evidence is just that. I know plenty of folks who moved here post Katrina from New Orleans who love it here. There are always folks moving in and out of the state for various reasons. I don't have rose colored glasses, and I know there are things to be fixed, but plenty of folks love living in Oklahoma.
    (Non-katrina related) transplant. I don't love it here, but I don't hate it either. There are good things, and there are bad things. If the opportunities were there, I'd probably move back to Kansas City. But, I'm not miserable because I live here.

    Honestly, if I had to pick the worst thing about living here(aside from the exceptionally hot years and constant allergies) I'd say it was feeling like I have no representation past the local government level. I'm a fairly centrist liberal, and routinely cringe at the **** the state government and our congressional reps get up to. But people here are nice, jobs have been good, and there's enough stuff going on to keep me interested. I just don't talk politics or religion outside of the internet and everything is OK.

  21. #71

    Default Re: Oklahoma Economy

    Quote Originally Posted by Prunesmoothie View Post
    Very tired of the negativity so here's a bit of good news. May have been posted already but...... http://m.newsok.com/article/5551289?...areBar-Twitter
    Great article thanks for posting that!

  22. #72
    Join Date
    May 2008
    Posts
    12,627
    Blog Entries
    3

    Default Re: Oklahoma Economy

    Quote Originally Posted by KayneMo View Post
    Oklahoma's $186B GDP ranks 29th in the country, and 34th in growth rate in Q4 2016.

    https://www.bea.gov/newsreleases/reg...f/qgsp0517.pdf
    But those are mediocre to less than mediocre, glad it isn't worse type ranks.

  23. #73
    Join Date
    May 2008
    Posts
    12,627
    Blog Entries
    3

    Default Re: Oklahoma Economy

    Quote Originally Posted by Prunesmoothie View Post
    I've met people who can't stand California (cost of living, politics, population, commute, etc) and will never go back. Different strokes for different folks.
    People fed up with coastal California can try moving to the Central Valley. Political values there are little different from fly over country with lower cost of living. Maybe Okies moving there during the Great Depression explains the political culture.

  24. #74
    Join Date
    May 2008
    Posts
    12,627
    Blog Entries
    3

    Default Re: Oklahoma Economy

    I think the 2018 Oklahoma State Legislature should let the people vote on implementing Gov. Fallin's tax plan. The pros and cons of it never got discussed. The fact that it includes abolishing the corporate income tax and sales tax on food makes it hard to say no way to. People hate the sales tax on numerous services to make up for lost revenue, but Texas and other states do okay with that. Only by putting this tax plan on the ballot will give it the debate it deserves. Voters in the past made it much more difficult for legislators to adjust state taxation to reflect modern changes.

  25. #75

    Default Re: Oklahoma Economy

    When it comes to economics and taxes, Oklahoma needs to quit comparing itself to Texas.

    Texas has almost 28 million people in population, Oklahoma almost 4 million. Texas has 7 times more people than Oklahoma. Texas can afford things that we can't.

    Texas has major metropolitan hubs (Dallas, Houston, Austin, San Antonio), and multiple professional franchises and teams, and people from around the nation and world actually pay to visit Texas. Our two states cannot compare, Texas is much larger.

    I just truly feel that the "Texas has no state taxes" argument mathematically can't happen in Oklahoma.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Oklahoma Economy Report
    By Plutonic Panda in forum Current Events & Open Topic
    Replies: 0
    Last Post: 07-03-2014, 09:37 AM
  2. The economy is getting better!
    By bretthexum in forum Politics
    Replies: 1
    Last Post: 02-04-2012, 01:27 AM
  3. Economy
    By OU Adonis in forum Current Events & Open Topic
    Replies: 6
    Last Post: 06-24-2011, 05:40 PM
  4. Is YOUR economy getting better?
    By metro in forum Current Events & Open Topic
    Replies: 10
    Last Post: 12-31-2010, 06:09 PM
  5. Economy Sputtering??
    By Patrick in forum Politics
    Replies: 2
    Last Post: 08-08-2004, 12:03 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Single Sign On provided by vBSSO