Statement: Allowing tax cut to trigger is supremely irresponsible

Oklahoma Policy Institute Executive Director David Blatt released the following statement in response to Oklahoma’s latest revenue estimates that under current law will trigger a tax cut in 2016:

It is supremely irresponsible to move forward with an income tax cut that will do little to nothing for most Oklahoma families at the same time as we face a nearly $300 million budget shortfall for next year. Under this tax cut, 41 percent of Oklahomans will not see any tax reduction, and the average tax cut for middle-income families will be just $30.

Between repeated tax cuts and ballooning tax breaks for businesses, Oklahoma has gutted services crucial for a good education system, public safety, and a strong economy. With the collapse of gas prices and a continuing drought threatening two of our state’s major industries, now is exactly the wrong time to increase the size of our budget hole with a tax giveaway that will go mostly to the already wealthy.

Going forward, Oklahoma urgently needs to review and rein in unnecessary tax breaks, and lawmakers needs to develop a more honest and transparent budget that funds core services by finding responsible revenue options, not one-time revenues and budget gimmicks.