Theo tin Ryan

DALLAS, Nov. 10, 2016 /PRNewswire/ — On November 8, Oklahoma voters rejected State Question No. 779 (Initiative Petition No. 403) by an almost 20-point margin (59.41% “No” votes to 40.59% “Yes”). The measure would have increased the state sales and use tax rate from 4.5% to 5.5%, with the additional revenue dedicated to increase spending on education. According to the text of the measure, 69.5% of the revenue generated through the additional tax was to be allocated to common education (with the remaining 19.25% to higher education, 8% to early childhood education, and 3.25% to career tech). However, 86.33% of the common education spending would have been used to increase teacher salaries by a minimum $5,000 per teacher. According to official arguments in favor of the measure, Oklahoma teachers have not had a pay raise in nearly a decade, and the state ranks 48th in teacher pay. In an editorial opposing the measure, Sen. Kyle Loveless included concerns about how local government might be constrained (with the change, local and state combined sales tax rates would near or exceed 10% in certain jurisdictions): “By raising the sales tax, we would make it virtually impossible for local governments — especially cities and towns — to increase local taxes for local projects.”1 As of November 1, 2016, registered ballot committee “Oklahoma’s Children, Our Future, Inc.,” supporting the measure, raised $4,277,639.39 and spent $2,472,020.17. “Oklahoma Deserves Better,” the ballot committee, opposed the measure. 1 Counterpoint: Sen. Kyle Loveless opposes SQ 779, located at About Ryan Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan’s multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world’s most prominent Global 5000 companies. More information about Ryan can be found at Logo – TECHNICAL INFORMATION CONTACT: Jeremiah T. Lynch Principal Ryan 212.847.0113 Available Topic Expert: For information on the listed expert, click appropriate link. Jerry Lynch SOURCE Ryan Related Links

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