Oklahoma is facing a genuine budget crisis. Our schools, care providers, correctional facilities, judicial system, and other critical functions have absorbed year after year of cuts and are losing the ability to fill their basic missions. The loss of these services threatens the viability of entire communities and the lives of vulnerable children, veterans, and seniors.
This year, we’re facing yet another budget shortfall of between $750 million and $1 billion, but we’ve exhausted many of the one-time revenue sources and budget gimmicks that barely got us through shortfalls in previous years.
To prevent catastrophic cuts and put our finances back on a sustainable course, lawmakers must raise new recurring revenues. Part of the solution needs to include ending tax breaks for the oil and gas industry and restoring the gross production tax to its historical level of 7 percent.
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