Tag: tax cuts

'Flip It To Fix It' report offers an immediate, fair solution to state budget shortfalls

A study released today finds that inverting state tax structures—whereby the highest income earners would be taxed at the current percentage of income for the lowest income earners, and vice versa—would raise more than $4 billion in new revenue for… Read more [More...]

The FY '12 budget agreement: Playing your best hand with only half your cards

On Tuesday, Governor Fallin and the Republican leadership of the House and Senate announced an agreement on the FY ’12 budget. Total state appropriations for next year will be $6.511 billion, which is $254 million, or 3.8 percent less than… Read more [More...]

Budget cuts are a choice

In a recent article on state budget negotiations, House Speaker Kris Steele said he and other state leaders are “doing our best to minimize the cuts” to core agencies. He contrasted the treatment of core agencies to the larger cuts… Read more [More...]

Bill would raise taxes for 1 million low-income Oklahomans

As we pointed out in an earlier post, there is more than one way to cut taxes. We can do it in a way that mostly benefits those with the highest incomes, as is the case with cutting the top… Read more [More...]

Tax cuts do not have to be regressive

A recent OK Policy fact sheet that analyzed the distribution of  benefits from cutting the state’s top personal income tax rate from 5.5 to 5.25 percent  has generated considerable interest and discussion. The tax cut would have a $120 million… Read more [More...]

Should Oklahoma expand its property tax caps and exemptions?

Once again this session, property tax cuts are on the table in Oklahoma. Although curtailing Oklahoma’s already low property taxes with additional freezes and caps may sound appealing, a better approach would target help to people who need it without… Read more [More...]

Cutting the top income tax rate: Who benefits?

[UPDATE: You can download ITEP’s analysis here.] Yesterday the Senate voted to abolish the state income tax after Sen. Tom Adelson (D-Tulsa) introduced the measure as an amendment to another bill. With public services heavily dependent on income tax and… Read more [More...]

FY '12 revenue certification: It still adds up to more hard times

The State Board of Equalization met yesterday to certify preliminary revenue estimates for the upcoming budget year, FY ’12. These estimates will form the basis for the Governor’s Executive Budget that will be delivered in early February; the Board will… Read more [More...]

New issue brief: Let's focus on more than "this year's shortfall"

Today OK Policy released “A New Fiscal Reality for Oklahoma: The State Budget Outlook, 2011-2014,” our second annual multi-year budget forecast. Click here for the full 10-page brief or here for the 1-page summary. Dangerously nerdy readers also can check… Read more [More...]

This ain't over yet: Outlook and recommondations for navigating the ongoing state fiscal crisis

This week OK Policy distributed a 4-page memo on the state budget to all candidates for state offices, which we have now released to a broader audience. The memo is intended to offer policymakers a clearer understanding of the budget… Read more [More...]