Topic: Income Tax

5 things you should know about Oklahoma taxes

It’s tax day — the annual event when procrastinators, or those who just like to live on the edge, rush to get their tax returns filed before the midnight deadline. If your return is safely filed, or if you just… Read more [More...]

One More Time: Past income tax cuts did not cause Oklahoma revenues to rise

Once again this session, proponents of cuts to Oklahoma’s top income tax rate are arguing that cutting taxes will lead to higher tax revenues, basing their position on the notion that Oklahoma’s tax collections rose after the state cut taxes… Read more [More...]

Graph of the Day: Tax cut will provide little benefit to most Oklahomans

The average Oklahoman would get just $29 from Governor Mary Fallin’s proposed income tax cut, while one-quarter of the total benefit would go to the wealthiest 1 percent of households, according to a new analysis prepared by the Institute for… Read more [More...]

Surprise! States without an income tax have higher sales and property taxes

States without an income tax rely on other taxes to fund government. Far from discovering magical, revenue boosting powers by not having an income tax, these states simply charge higher sales and property taxes. A new report from the Center… Read more [More...]

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...]