A14
NEWS
| WEDNESDAY, AUGUST 31, 2022
TULSA WORLD
LABOR DAY | BY THE NUMBERS What’s the significance of Labor Day?
Off to
Labor Day, the first Monday in September, is a creation of the labor movement; it is dedicated to the social and economic achievements of American workers. Labor Day constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity and well-being of the United States.
Sept. 5, 1882
How many workers? 162 million
The number of people age 16 and older in the nation’s labor force as of July 2021
Median weekly earnings for male and female full-time, year-round workers:
$1,100
2021 median male weekly earnings
$916
2021 median female weekly earnings
$55,000
More than 10,000 workers assemble for a parade in New York City. Historians believe this was the first Labor Day observance. This event inspired others across the nation.
Median household income as of 2021
34.7 hours
June 28, 1894
Holiday celebrates social, economic achievements of American workers
President Grover Cleveland signs a law making the first Monday in September of each year a national holiday.
128th anniversary
Average work week in July 2021
Unemployment
U.S. unemployment numbers have improved since 2020 — when numbers made records due to the coronavirus pandemic.
5.7 million
Sept. 5, 2022, is the 128th anniversary of Labor Day being celebrated as a national holiday.
Unemployed Americans in July 2022
8.7 million
Unemployed Americans in July 2021
How the holiday has evolved
3.5%
Unemployment rate in July 2022
In the late 19th century, celebrations focused on parades in urban areas. Now the holiday is a celebration that honors organized labor with fewer parades and more activities. It also marks the perceived end of the summer season.
10.2%
Unemployment rate in July 2021
Working for a living
The largest occupations in the U.S. May 2021 data Retail salespersons
Celebrations 818
3,693,490
Home health and personal care aides
The number of hot dogs eaten every second between Memorial Day and Labor Day.
3,366,480
Cashiers
3rd most popular
3,318,020
Fast-food and counter workers
Labor Day is the third most popular grilling holiday, behind the Fourth of July and Memorial Day.
3,095,120
Registered nurses
Grilling plans What percent of Americans plan to fire up some meat on the grill:
3,047,530
General and operations managers 2,984,920
67%
Will grill
70% Burger
51%
Customer service representatives 2,787,070
Hot dog
Laborers/Freight, stock and material movers 2,729,010
40% Chicken
37% Steak
32%
Office clerks
Ribs
Sources: census.gov, nationalday.com, Tribune News Service, Bureau of Labor Statistics, constitutioncenter.org
2,578,180
Stockers and order fillers
ADOBE STOCK
2,451,430
Time to Be Bold on Taxes The writing is already on the wall and it’s time for Oklahoma to see it and act. I’m talking about tax reform, specifically the permanent elimination of the personal income tax. Oklahoma is one of 42 states that impose a personal income tax. To assess the transformative economic impact of repealing the income tax, we need only look to the eight states that have none. Spoiler alert: they are outpacing the rest of us in economic and population growth, and it’s not even a close competition. Take Tennessee, for example. In 2016, the Tennessee Legislature approved a plan to phaseout personal income taxes. Results came quickly in the Volunteer state. In 2018, Amazon decided to establish a major operations and logistics hub in Nashville. Asset manager, AllianceBernstein also moved its corporate headquarters from Manhattan to Nashville. In 2019, Mitsubishi Motors North America announced it would relocate its headquarters from California to Franklin. In May of 2021, software giant Oracle announced plans to build a 65acre campus in Nashville for 8,500 workers. Amazon, AllianceBernstein, Mitsubishi and Oracle are representative of a growing number of businesses that are moving their operations from states with income taxes to those that do not. A survey by national consulting firm West Monroe found 29% of C-suite executives reported they were considering moving major operations or headquarters to another state or country, with the burden of taxes in their current location being one of the top two drivers. However, it’s not only large businesses and CEOs who are moving. In 2017, Tennessee led the nation in employment growth among small businesses, according to a survey by Paychex. Oklahoma currently has a low personal income tax rate but even if you are the state with the lowest personal income tax rate you are still only 9th lowest in the county. That’s because the first eight have no personal income tax rate at all. To drive a thriving economic environment, we must win a share of the relocation, in-migration and talent retention argument. We have to be out front and show outsiders, both businesses and people, that Oklahoma is a great place to live and work and that they will benefit economically by relocating here. We must also, of course, ensure the adequate funding of state government and the services we are required to deliver to the citizenry, but the eight states that forgo the income tax illustrate the two are not mutually exclusive. With talent retention and the in-migration of people and businesses, the tax base grows, creating a broader base from which to generate revenues. Property, service and consumption taxes more than make up for any government revenue concerns. I’m a data person, and the data is crystal clear. The states that have enjoyed the most economic prosperity are the ones that have the lowest general tax burdens. One of the great things about our country is that people have the ability to move so they can find the best circumstance for themselves. Capital flows to the path of least resistance. In the long term, the more people enjoy and benefit from economic prosperity, the better the living environment and future of our state. It’s time for Oklahoma to make a bold move and completely eliminate the personal income tax. Bill Schonacher is the president & CEO of IBC Bank-Oklahoma and chair of
the State Chamber of Oklahoma.
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