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Oklahoma State Senator David Holt Proposes $59 Million In New Sales Taxes

Last year I wrote a post about a payday loan bill that Senator David Holt submitted and later pulled in which I agreed with him about the concepts of the free market and that government should not be in the business of saving people from their own bad decisions. Senator Holt sent me a message on Twitter thanking me for my remarks and saying he appreciates someone willing to state limited government principles. He also said that “Someday I’ll do something you don’t like.”

We’re there.

Yesterday, Senator Holt took to Facebook to announce his proposed bills that would give Oklahoma teachers a $10,000 pay raise. Senate Bill 316 would provide the raise and Holt introduced twelve separate measures to provide the funding. One of these measures, Senate Bill 331, increases taxes. To be fair to Senator Holt, SB331 is not an increase in tax rates but a removal of sales tax exemptions. But the net result is Oklahomans will […] → Keep reading

Is Oklahoma a ‘Backwards’ State?

Legislative sessions in Oklahoma are usually rife with contention, last-minute budget deals and unconventional bills and this year has certainly been no exception. With this year’s budget still being a huge question mark, cuts are already happening and many departments have already begun trimming staff. Medicaid, the earned income tax credit and education funding are issues making the news, along with non-budgetary items including abortions and school restrooms. Yes, restrooms.

Put it all together with a few other things and it’s apparently enough that some have labeled Oklahoma a ‘backwards’ state. A national laughingstock. An embarrassment. I have probably seen more negative articles and comments about Oklahoma and our legislature this year than any other. Articles such as the one titled “Oklahoma Continues Marching Backwards Into the 1950s With New Laws.” One column I saw shared frequently was from Ginnie Graham of the Tulsa World, who said, “Oklahoma sure had one embarrassing week.” It was pretty clear from her column […] → Keep reading

Predatory Loans or Free Market?

Last week, Oklahoma State Senator David Holt announced on Twitter that he was pulling Senate Bill 1314 after public opinion came out strongly against the bill, saying he did not feel it would pass. The proposed bill would have allowed companies in Oklahoma to lend up to $3,000 with interest capped at twenty percent per month, which would be $600. Senator Holt indicated he thinks such a loan would be bad for those borrowing but that it should be legal anyway.

Oklahoma Watch – The lending program, known as a flex loan, is similar to payday loans and critics say it can lead to the same results – an endless cycle of debt.

Holt said members of the payday lending industry approached him about writing the bill, SB 1314, in order to avoid pending federal regulations from the Consumer Financial Protection Bureau.

The industry requests align with his goal of less government regulation of private industry, Holt said.

Holt agreed […] → Keep reading