We are less than two weeks away from the end of Oklahoma's Legislative session, and lawmakers could release a budget at any time. Before the session started, elected officials said a primary focus was providing inflation relief to Oklahomans who need it. But instead, they're focused on private school vouchers (including refundable tax credits) that would cost significant state revenue and primarily benefit wealthy Oklahomans rather than deliver inflation relief for those who need it most. Please contact your Senator and Representative today and ask them to ensure that any budget proposal serves the needs of your community. |
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Other tax proposals that have been floated this session — personal income tax cuts and flat tax with automatic tax cut triggers — overwhelmingly benefit the richest Oklahomans. - For example, a .25% cut of the personal income tax rate would only give back about $15 to the lowest-earning Oklahomans and about $93 to middle-income folks. The top 1% would get nearly $2,400 back.
- The current flat tax proposals would see some taxpayers in every income band (except the top 1%) have their taxes increased. 1 in 12 Oklahoma taxpayers would see a tax increase from the flat tax proposals.
- Here is a summary of impacts from current tax proposals.
These tax cuts could reduce the state budget by hundreds of millions of dollars annually, leaving Oklahoma in a worse position to deliver essential programs and services during future economic downturns. If lawmakers really want to deliver inflation relief to the folks who need it most, they should modernize the Sales Tax Relief Credit, which is designed to offset sales tax costs for low- and moderate-income residents. - The credit amount ($40) hasn't changed since it was established in 1990. Because of inflation, the credit has lost 60 percent of its buying power over the last 33 years.
- More than 576,000 households across Oklahoma would see a tax reduction if the Sales Tax Relief Credit were expanded to $200 with a gradual phase out.
- This would include more than 250,000 households with seniors who would save money on grocery sales taxes.
- Here is an information sheet about the Sales Tax Relief Credit.
Nearly all the conversations about the upcoming state budget and the education plans have been held privately between a handful of elected officials and their staff. Unless your legislator is one of the handful of folks in those rooms, it's likely you don't have a voice in these discussions or decisions. Given the looming Legislative deadline and lack of public information/discussion about next year's state budget, we encourage Oklahomans to tell their lawmakers to ensure that any budget proposal serves the needs of your community. |
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