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November 18, 2017, 02:42:18 am
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Author Topic: 14.2 % drop in sales tax revenue  (Read 6569 times)
Chicken Little
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« Reply #15 on: November 10, 2009, 05:25:46 pm »

That's false. According to the Oklahoma Municipal League, in 2006 cities in Oklahoma received 49% of their revenue from sales taxes. The average U.S. city received 11% of its revenue from sales taxes that year.
Yep, that's a bogus claim on Wrinkle's part.  

Here's what Tulsa gets (see page 23)

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guido911
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« Reply #16 on: November 10, 2009, 05:28:16 pm »

Please show me a money market that is yielding anything close to 1.5-2.5%.  The City cannot invest in just any money market, by the way....they do have an investment policy that dictates in what they can and cannot invest.

My money market gets real close to 1.5.
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Someone get Hoss a pacifier.
Wrinkle
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« Reply #17 on: November 10, 2009, 05:29:09 pm »

Hmmmm ,let's see, pay 3 to 4% for money and then deposit it in accounts earning 0-1%... where I come from we call that an "aggie arbitrage"... I guess you make it up in volume.

And yes, I went to school at OSU.

I went to OSU as well and was taught better somehow. If it's used to discount the cost, then it effectively makes money. Beyond that, it's only as possible and has little to do with the concept. Go ahead, pay the full 3%-4% for it if you wish.

What school teaches you to stuff money in your mattress? Or, do you prefer to bury coffee cans in your back yard?


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Wrinkle
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« Reply #18 on: November 10, 2009, 05:30:18 pm »

That's false. According to the Oklahoma Municipal League, in 2006 cities in Oklahoma received 49% of their revenue from sales taxes. The average U.S. city received 11% of its revenue from sales taxes that year.

Since we're talking about Tulsa, perhaps it'd be easier for you to use Tulsa's data.

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Wrinkle
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« Reply #19 on: November 10, 2009, 05:36:15 pm »

Yep, that's a bogus claim on Wrinkle's part.  

Here's what Tulsa gets (see page 23)



You are just inaccurate, that represents ALL taxes. We were talking Sales Taxes here.

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Chicken Little
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« Reply #20 on: November 10, 2009, 05:36:27 pm »

Since we're talking about Tulsa, perhaps it'd be easier for you to use Tulsa's data.


See above link
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Wrinkle
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« Reply #21 on: November 10, 2009, 05:37:57 pm »

See above link

Saw it the first time, and you were wrong then, too.

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Chicken Little
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« Reply #22 on: November 10, 2009, 05:40:33 pm »

You are just inaccurate, that represents ALL taxes. We were talking Sales Taxes here.


Scroll and take a look.  property tax and hotel/motel tax look to be about 5%.  The rest is sales tax.  Two pennies...and the third penny.  That's all sales tax.

Texas cities get 35% from property tax and 27% from sales.  Tulsa--5% property, 45% sales.
« Last Edit: November 10, 2009, 06:10:01 pm by Chicken Little » Logged
Chicken Little
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« Reply #23 on: November 10, 2009, 05:44:48 pm »

Don't take my word for it, take Martinson's:

"The City has relied on a 2% sales tax since 1971 to fund operations. Granted, sales taxes rise with the price of goods purchased, but as those prices increase, so do our costs. We could probably maintain services in such an environment, but other factors are working against us as you will soon see."

The third penny is also sales tax,

"People talk about tax increases, but the last time the City of Tulsa had a tax increase was with the first 3rd penny in 1980. The 3rd Penny is a temporary tax, approved by the voters, and is essentially restricted to fund capital projects."

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Chicken Little
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« Reply #24 on: November 10, 2009, 05:51:00 pm »

But, Sales Tax collections represent less than 1/3rd, closer to 1/4 of the City's budgeted revenues.
Flat-out wrong.
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Chicken Little
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« Reply #25 on: November 10, 2009, 06:01:18 pm »

"After deducting revenues earmarked for specific purposes, we are left with about 43% of the total budget to use for general operations."

Of that 43%, it looks like 4/5ths of it is comprised of...wait for it....sales tax.
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Wrinkle
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« Reply #26 on: November 10, 2009, 06:07:24 pm »

Flat-out wrong.


Using the Oklahoma Tax Commission ACTUAL accounting for the City of Tulsa last year, we collected $214 million in Sales Tax. Look it up yourself. http://www.tax.ok.gov/nwsrls.html

Now, tell me how you get to half of our Operating budget from there.

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Wrinkle
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« Reply #27 on: November 10, 2009, 06:15:44 pm »

"After deducting revenues earmarked for specific purposes, we are left with about 43% of the total budget to use for general operations."

Of that 43%, it looks like 4/5ths of it is comprised of...wait for it....sales tax.

This is government smoke and mirrors.

It's like saying after I pay my mortgage, utilities, insurance and taxes, I earned only $1,700 for the year. So, my hourly rate is less than $0.82/hr.

btw, Sales Tax revenues were 100% of all Sales Taxes collected last year. (though, the city pays 1.5% to the Commission for their work to collect, account and distribute it).


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Chicken Little
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« Reply #28 on: November 10, 2009, 06:27:41 pm »


Using the Oklahoma Tax Commission ACTUAL accounting for the City of Tulsa last year, we collected $214 million in Sales Tax. Look it up yourself. http://www.tax.ok.gov/nwsrls.html

Now, tell me how you get to half of our Operating budget from there.


Martinson's presentation indicates that the entire operating budget is $232 million...that's what the operating budget is...the general fund.  So, yeah, that's like 92%...well over half, even if you went to aggie accounting school. Wink
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Chicken Little
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« Reply #29 on: November 10, 2009, 06:29:06 pm »

This is government smoke and mirrors.

It's like saying after I pay my mortgage, utilities, insurance and taxes, I earned only $1,700 for the year. So, my hourly rate is less than $0.82/hr.

btw, Sales Tax revenues were 100% of all Sales Taxes collected last year. (though, the city pays 1.5% to the Commission for their work to collect, account and distribute it).



When you don't understand something, you throw your arms up in the air and claim it's all, "smoke and mirrors".  When I don't understand something, I try to learn.  But I'm running out of patience trying to understand you.
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