Members of an Oklahoma think tank said they believe potential tax cuts should be put on hold until state revenues return to levels that were present before the current recession.
For three consecutive months, state agencies have slashed budgets by 5 percent to deal with declining revenue. Most went into the fiscal year already taking cuts from their budgets.
"We think they should at least revise it so tax cuts would not take effect until we are fully back to pre-downturn levels,” David Blatt, director of policy for the Oklahoma Policy Institute, said Wednesday. The institute is an anti-poverty and economic opportunity organization.
Blatt said it is likely that revenues won’t return to the levels seen in 2008 until 2012 or 2013.Click here to read the complete article at Tulsaworld.com