There have been several developments the past few days in the conversation across Oklahoma — and nationally, as well — about reducing Oklahoma’s penalty on work, the personal income tax rate, in the upcoming legislative session.
1) New info compiled by the Oklahoma Council of Public Affairs, using official state government budget data, showing, for the last two fiscal years in a row, Oklahoma has taken in the highest total tax collections in state history. This, after the largest income tax reductions in state history — which some said would deplete state revenues — had run their course by the end of 2012. Click here for link.
2) House Speaker T.W. Shannon, in the announcement of members of his exploratory committee for a U.S. Senate run, referred positively to a joint proposal by members of the state House and Senate, including David Holt and Leslie Osborn, to reduce Oklahoma’s personal income tax rate below 5% in the coming year. Click here for link.
3) After Americans for Tax Reform last week endorsed the income tax reduction proposal by Holt, Osborn and eight of their legislative colleagues to drop Oklahoma’s rate to 4%, this week the American Legislative Exchange Council also offered support for the concept. Click here for link.
