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Tax cut chop shop

by The Oklahoman Editorial Board Modified: June 13, 2013 at 6:11 pm •  Published: February 29, 2012

Three consecutive state treasurers — incumbent Republican Ken Miller and his Democratic predecessors — put the Oklahoma College Savings Plan (OCSP) at the top of their agendas. Each touted the benefits of middle-class taxpayers setting aside money for their children’s higher education. A component of the plan is a state income tax deduction worth up to $2,000 a year to families. That deduction is on the chopping block as lawmakers shop for revenues to offset a reduction in or elimination of the state income tax. Miller says OCSP has set aside nearly a half billion dollars for college expenses over the past 12 years. Continuation of the OCSP deduction, Miller said this week, “proves not only commitment to the future of a child, but the future our state.” We agree. Among the targeted credits and deductions, this one’s at the top of our list for retention.

Financial planner Randy Thurman, president of Retirement Investment Advisors Inc., delivered piggy banks to first-graders at Leslie R. Fisher Elementary School in Oklahoma City, OK Thursday, Oct. 5, 2006. The local chapter of the Financial Planning Association delivered the banks to first-graders across the metro as part of "Financial Planning Week," a joint effort by the association and the Oklahoma College Saving Plan. Photo by Jaconna Aguirre, The Oklahoman
Financial planner Randy Thurman, president of Retirement Investment Advisors Inc., delivered piggy banks to first-graders at Leslie R. Fisher Elementary School in Oklahoma City, OK Thursday, Oct. 5, 2006. The local chapter of the Financial Planning Association delivered the banks to first-graders across the metro as part of "Financial Planning Week," a joint effort by the association and the Oklahoma College Saving Plan. Photo by Jaconna Aguirre, The Oklahoman

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by The Oklahoman Editorial Board
The Oklahoman Editorial Board consists of Gary Pierson, President and CEO of The Oklahoma Publishing Company; Christopher P. Reen, president and publisher of The Oklahoman; Kelly Dyer Fry, editor and vice president of news; Christy Gaylord...
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