Oklahoma Policy Institute released a statement in response to the Legislature’s final passage of SB 170, a bill to repeal an automatic income tax cut trigger:
The repeal of this tax cut is a milestone. After years of promises that income tax cuts would pay for themselves, a majority of lawmakers have finally begun to recognize the cost. We cannot afford more tax cuts that have drained resources from our communities without paying off in economic growth.
While repealing the next tax cut won’t help to resolve Oklahoma’s current budget shortfall, we hope that it begins the restoration of responsible budget and tax policies in the years ahead. This is also a hopeful sign that lawmakers now realize tax policy decisions should be based on current conditions, not automatic triggers created by prior Legislatures.