OKPOLICY.ORG
Oklahoma Policy Institute released the following statement on the Legislature’s passage of the tax cut and Capitol renovation bill, HB 2032:
The Legislature’s approval of another tax cut ignores economic reality. Because they were under pressure to restore funding to Oklahoma’s schools, mental health system, child welfare system, and other core services that have endured steep cuts in recent years, income tax cuts were delayed until 2015. Yet we have seen no evidence that Oklahoma will be able to afford a tax cut in that year either. Indeed, we are already seeing signs of faltering revenue collections, with revenue falling below last year.
Now that cuts are scheduled, the only responsible path forward is to pursue real tax reform that goes beyond the top income tax rate. To fund education and ensure a prosperous future for Oklahoma, we need real action to reign in unnecessary tax credits and exemptions that cost us hundreds of millions of dollars every year.
If we do not pursue real tax reform, and instead continue to ignore the needs of Oklahoma students, retirees, uninsured, and more, we are putting our economic future severely at risk.
