Tag: income tax

What the income tax pays for

The personal income tax is Oklahoma’s largest single revenue source. In 2011, the state collected $2.412 billion from the personal income tax, or slightly less than one in three dollars (31.7 percent) of total state tax collections. With a strong… Read more [More...]

Watch This: The Economy Bowl

Is Texas beating Oklahoma because it lacks an income tax? That’s been a common argument made by proponents of eliminating Oklahoma’s personal income tax. But a new animated video from OK Policy bust the myths about our rivals to the… Read more [More...]

No leg left to stand on: Laffer and OCPA debunked again

The push to eliminate Oklahoma’s personal income tax relies heavily for intellectual support on a study done for the Oklahoma Council of Public Affairs by economist Arthur Laffer and his colleagues. The Laffer report makes two claims: (1) that states… Read more [More...]

The myth about Oklahoma’s tax system that we keep repeating

Something we often hear about Oklahoma’s tax system is that the top rate kicks in so low that it affects almost everyone. Most recently, a Tulsa World article stated: The current comparable top rate is 5.25 percent, which kicks on… Read more [More...]

Laffer Debunked: States without an income tax do not enjoy stronger economic growth

Update: We have put out a fact sheet summarizing major flaws in the Laffer report. Do states without an income tax enjoy stronger economic growth? This is one of the central claims made by economist Arthur Laffer in a recent… Read more [More...]

State of the State Analysis: Gov. Fallin is playing catch-up

In her State of the State address, Governor Fallin laid out numerous areas where Oklahoma needs to invest to fix serious problems. She mentioned the shortage of troopers on the highways, the millions still owed to local governments to reimburse… Read more [More...]

Why the Laffer proposal is like an ice cream diet

Some Oklahoma politicians have trumpeted a report by economist Arthur Laffer to claim that eliminating the state income tax will fuel an economic boom. Laffer is best known for the Laffer Curve, which he famously sketched on a napkin while… Read more [More...]

Task force proposal would raise taxes on most Oklahomans, especially harm seniors and families with children

A proposal by the legislature’s tax reform task force would raise taxes for most Oklahomans, with the worst impact on low-income seniors and families with children, according to a new fact sheet from the Oklahoma Policy Institute. The task force… Read more [More...]

Task Force proposes tax hike on poor and middle class to benefit the wealthiest

This afternoon, the Senate Task Force on Comprehensive Tax Reform released its final report. The most significant recommendation is to make further cuts to the top rate and replace that revenue by ending numerous tax credits. Almost two-thirds of the… Read more [More...]

Growing disconnect between budget politics and reality

Last week we reported that next year’s revenues are expected to be 7 percent below their levels of six years ago (FY ’07), even though costs are higher due to inflation, population growth, and increased caseloads Elsewhere, people seem to… Read more [More...]