Note: This tool is intended for informational purposes only and should not be construed as legal or tax planning advice.
Income in 2016:
$
Married?
Total number of dependent children:
Number of dependent children under 17:
Your tax cut in 2016:
$
Assumptions: Taxpayer is under age 65 and income comes entirely from taxable sources. Families with children claim the Child Tax Credit in lieu of the Dependent Care Credit. Taxpayer takes greater of standard or itemized deductions, with itemized deductions equal to 13% of income for estimating purposes. The "federal offset" effect is not included, meaning that the overall (federal + state) tax cut received could be smaller for those taxpayers who will see their federal tax deductions shrink when Oklahoma's income tax rate is reduced.
That compares to a tax cut of $2,128 for a family of four earning $1 million per year. Or a tax cut of $0 for the same size family making less than $31,699. In total, this tax cut is expected to reduce revenues for schools and other services by $48.9 million this fiscal year and $147 million in FY 2017. If you believe this tax cut is unnecessary and irresponsible, please consider donating to help OK Policy advocate for smarter tax and budget decisions in Oklahoma.