Restoring the EITC is good for Oklahomans’ health

There is a good chance you know someone struggling to make ends meet. People who struggle to pay for health care have higher risks of heart attacks, obesity, and depression. One way to help Oklahomans meet their basic needs and stay healthy is by restoring an effective and bipartisan anti-poverty measure --the Earned Income Tax Credit (EITC). [More...]

Restoring the Earned Income Tax Credit is a must this session

In Oklahoma’s tax code, there are multiple tax breaks for high-income individuals and businesses. But just three tax credits are targeted at low-income Oklahomans, and one of those -  the Earned Income Tax Credit (EITC) – was slashed in 2016 to help balance the books during a severe budget crisis. This cut resulted in more than 200,000 Oklahoma families losing some, or all, of the value of their EITC. Statewide, low and middle-income working families lost nearly $28 million due to the cut. That’s an average of $121 per family, and many low-wage families lost even more. [More...]

Money matters for child development. Healthier finances means a healthier future for children in Oklahoma.

Policies that support low-income families improve the well-being of children. Policymakers have a number of options for improving economic prospects for Oklahoma’s working families and in turn improving health - including their mental health. Two practical changes are to restore the refundability of the Earned Income Tax Credit (EITC) and increase the minimum wage. Both of these policy changes would provide more economic stability for families, reducing the risk of childhood trauma and poor mental health outcomes that stem from these adverse experiences. Improving the financial well-being of families creates healthier and economically thriving communities. [More...]

Bill Watch: Opportunities to make Oklahomans better off economically this session

This session, the Legislature will have several opportunities to improve the lives of hard-working Oklahomans and their families. Legislators have filed bills to create second chances for the justice-involved, make sure workers have paid time off to care for their own health and the health of their loved ones, and restore the full value of the Earned Income Tax Credit. All of these would be great steps toward creating an Oklahoma that appropriately values and fairly rewards the labor of its citizens. [More...]

Bill Watch: Quieter year expected on the tax front

Some of the fiercest battles of recent legislative sessions have centered on tax policy as lawmakers debated competing tax proposals to limit funding cuts and provide teachers a raise. This year, thanks to a strong economy and recent tax increases, the state's budget outlook is greatly improved. Yet even if the stakes are lower, lawmakers still filed hundreds of bills this session that would revise Oklahoma's tax system. [More...]

New economic rankings show Oklahoma falling further behind

There are quite a few reasons to be optimistic about Oklahoma this year. Unemployment is low and the state expects to have a budget surplus this year, the first in quite some time. But despite this good news, too many Oklahomans are still struggling to make ends meet and build a better future for themselves and their families. For the third straight year, Oklahoma has dropped in the Prosperity Now Scorecard rankings. This year, we rank 43rd in the financial health and overall well-being of our residents - that's down from 34th in 2016. [More...]

2019 Priority: Strengthen Working Family Tax Credits

Download this fact sheet as a printable pdf here. Read about the rest of OK Policy’s 2019 Legislative Policy Priorities here. In a tax code that provides multiple breaks for high-income individuals and businesses, Oklahoma offers just three tax credits… Read more [More...]

Step Up coalition’s new tax credit is a poor substitute for restoring the EITC

Just a few weeks ago, the Step Up Oklahoma coalition announced their plan for a variety of tax increases and reforms to resolve some of Oklahoma’s long-standing budget problems. Since then, the proposal has attracted support from a broad range… Read more [More...]

The EITC has been an unfortunate victim of Oklahoma’s budget gridlock

In 2016, Oklahoma lawmakers were struggling to pass a state budget amid a massive revenue shortfall. Sound familiar? One of the measures taken by lawmakers in that year to fill their shortfall was making Oklahoma’s Earned Income Tax Credit (EITC)… Read more [More...]

What happened to my refund?

It’s tax time again, and if you are one of the more than 300,000 Oklahoma households that claim the state Earned Income Tax Credit (EITC) you may have noticed that your tax refund is lower than it was last year,… Read more [More...]