Thread by @pmonies

A rare #oklaed thread from me, because it involves tax policy, and I nerd out on that. /1

The Oklahoma Legislature, with GOP supermajorities, has approved a private school tax credit bill that will *cost* $600 million in the next three years. /2

I know, I know. Labeling a tax credit a cost is *controversial* Whose money is it, if it isn’t yours or mine? The government’s? Hell no! /3

But I label it that way because it’s essentially a marker in the great scheme of budget policy that is the money it takes to run a government. And by government, I mean whatever *we* decide to spend money on in a broad, policy sense. /4

Turning down revenue isn’t much different than spending it after you get it, right? /5

Budgets, are, after all, policy priorities. 🤷🏼‍♂️ /6

Government spending, if you’re a Democrat or a Republican (or a Libertarian or Independent), does actually matter. What also matters is how you can account for that spending. /7

My latest story looks at #HB1934, the refundable tax credit for private school expenses in Oklahoma.
oklahomawatch.org/2023/05/12/okl…
/8

If Oklahoma, through its democratically elected Legislature and governor, wants to set aside money to reimburse parents and guardians for private schools, that’s a policy choice. The will of the people will be heard. /9

What’s missing from #HB1934 is the accountability part. Sure, all new government programs are subject to audit. That’s #government101. And yes, they might have to generate a year-end report that will sit on some shelf, or a virtual shelf. /10

But debate around #HB1934 has been on a “trust us” basis. The details will be left to the Oklahoma Tax Commission, which has already mentioned some concerns about the administration of such an incentive. /11

In its analysis, the Tax Commission mentioned the problems it *might* have with verifying the taxpayer piece and the homeschooling piece of #HB1934. documentcloud.org/documents/2380… /12

I’ll close by saying I’ve been covering #okleg both directly and indirectly (as a business reporter) for 20 years. Thoughtful lawmakers will consider carefully whether this bill requires adequate accountability. 🤷🏼‍♂️ /13

For more on this, read my story from last week.
oklahomawatch.org/2023/05/12/okl… /14