Steele: Good To Great

As most other states struggle to maintain the status quo, Oklahoma is on the rise as a destination to do business and raise a family. Our state added more than 40,000 jobs in the past year, the economy is growing and unemployment remains below the national average. We’re in a good spot. With a little work, we can be in a great spot.

Taking Oklahoma from good to great is the goal this legislative session.

Last year, the Legislature successfully enacted several significant pro-growth policies. While we’re proud of these accomplishments, we must now build on the achievements.

To start, we must reform our tax credit system. There is no rhyme or reason to the process the legislature uses to create tax credits for businesses. The result is a tax code that looks like a block of Swiss cheese riddled with random holes and cutouts. Many of these holes and cutouts are credits that cost taxpayers more than the credits generate in economic benefit. That’s unacceptable. This session, tax credit criteria have been proposed to ensure tax credits actually create jobs and a net economic benefit greater than the credit’s cost to taxpayers. By doing this, up to $300 million in savings could be realized and returned to taxpayers as a growth-spurring tax reduction.

Fixing the tax credit system is step one of the many steps it will take to generate meaningful tax relief for all working Oklahomans. Tax relief spurs growth, and with Oklahoma already moving in the right direction, we have a transformative opportunity to expand and expedite that growth by lowering and phasing out our personal income tax.

Another critical component of income tax reduction will be continued improvements in government efficiency. As fiscal conservatives, we are always looking for ways to root out waste and create efficiencies in state government. Consolidating agencies that serve similar functions and implementing technology-driven services that are more efficient and cost-effective will continue to be a priority. Working toward this goal, we will reject the shortsighted notion that state government has to look and operate precisely as it has for decades. Government can do better, and in the process Oklahoma can thrive.

Of course, there are those who think reducing the income tax can’t be done, or that we’re out to gut government. Nothing could be further from the truth. We’re committed to building a better, more efficient government that provides core services the public needs. We know that by growing our economy and being better stewards of our state’s resources, core state services can be adequately funded through increased state revenues and more efficient management.

Pursuing pro-growth initiatives means planning for the future. That’s why we will also focus on long-range water planning, continued pension system and DHS reforms and a statewide public safety plan that will reduce crime and make better use of taxpayer dollars. All these initiatives are intrinsically linked to being a pro-growth state.

Oklahoma has more momentum and potential than ever before. As a Legislature, we will do everything we can to take Oklahoma from good to great.

House Speaker Kris Steele, R-Shawnee, represents House District 26.