STATEMENT: Bleak revenue estimate shows need to look at all options

Oklahoma Policy Institute released the following statement in response to state officials certifying that Oklahoma faces a $611.3 million budget shortfall in the coming year:

This news that Oklahoma’s revenue picture has gone from bad to worse cannot be blamed only on the slowdown in the energy industry. Choices by the Legislature and Governor have helped dig this budget hole. State leaders need to make better choices to avoid calamitous cuts to our children’s schools, our health care safety net, and public safety.

Oklahoma has several responsible options to close the budget gap. These include canceling a scheduled cut to the top income tax rate, ending pointless tax breaks like the double deduction for state income taxes, closing a loophole in the corporate income tax by adopting combined reporting, slowing down off-the-top funding diversions like uncapped Quality Jobs subsidies and ROADs fund hikes, and tapping a portion of the Rainy Day Fund. Accepting federal funds for expanded health care coverage will also bolster the state budget while helping over 150,000 Oklahomans and our state’s health care providers.

If our state lawmakers don’t look at all options to balance the budget, they will be responsible for the crisis that results.

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Gene Perry worked for OK Policy from 2011 to 2019. He is a native Oklahoman and a citizen of the Cherokee Nation. He graduated from the University of Oklahoma with a B.A. in history and an M.A. in journalism.

2 thoughts on “STATEMENT: Bleak revenue estimate shows need to look at all options

  1. Focus on this instead and take care of this. This is so much more important than trying to take rights away from tax paying gay people.

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