Targeted tax credits can be used as a tool to fight poverty in Oklahoma. The tax system is a critical part of the safety net with more than a third of all public support for U.S. families delivered through tax provisions. Hence, tax credits can drastically decrease poverty.
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Oklahoma’s tax system is upside-down, with everyday Oklahomans paying a far greater share of their income in taxes than wealthy residents. Proposals to eliminate the state’s income tax would widen this disparity, according to the latest edition of the Institute on Taxation and Economic Policy’s Who Pays?, the only distributional analysis of tax systems in all 50 states and the District of Columbia.
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By:
Emma Morris
September 14, 2023 // Updated: September 28, 2023
NOTE: On Sept. 11, 2023, Gov. Stitt called for a special session in October 2023 to address tax reforms. One of the items included in the governor’s request was a “path to zero income tax.”
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Oklahoma should…
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• Current Tax Cut Proposals Don’t Help Most Oklahomans [Printable PDF]
With less than two weeks left in the 2023 legislative session, lawmakers have very little time remaining to reach agreement on, reveal, and adopt the Fiscal Year 2024 state…
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By:
Emma Morris
February 6, 2023 // Updated: February 6, 2023
As Oklahoma’s 2023 legislative session begins, the perennial push for tax cuts that would shrink state revenue will likely return. In 2022, leaders of the Oklahoma House of Representatives championed tax cuts – primarily focusing on reducing the personal income…
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By:
Emma Morris
April 11, 2022 // Updated: April 11, 2022
Oklahoma is in a unique position this year to make a downpayment on the future of our state. Premature tax cuts will set the state up to fail; investments will allow us to thrive.
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By:
Emma Morris
March 17, 2022 // Updated: June 14, 2022
This legislative session, the Oklahoma legislature is set to consider several proposals that would significantly cut state revenue. Rather than cutting taxes, legislators must consider the state’s long-term fiscal health and its structural deficit by maintaining revenue streams this year and for years to come.
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By:
Emma Morris
February 23, 2022 // Updated: May 27, 2022
Lawmakers should consider significantly expanding the Sales Tax Relief Credit that would provide targeted tax relief to Oklahomans who need it, cost less revenue, and give lawmakers more flexibility to raise revenue in the future.
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By:
Paul Shinn
April 7, 2021 // Updated: April 6, 2021
Lawmakers should set aside both of these bills and have a broader discussion about whether it's more important to broadly cut taxes than to provide public services, invest in our state’s future, save for the next economic downturn, or provide better-targeted tax reduction.
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By:
Paul Shinn
March 19, 2021 // Updated: March 19, 2021
Oklahoma’s corporate income tax is good public policy. Forty-four states have corporate income taxes like Oklahoma’s, and all but two of the remaining states tax business revenues.
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