While thousands of teachers were at the Oklahoma Capitol on Monday, the House Democrats attempted a procedural maneuver to bring a bill which would eliminate capital gains tax exemptions to the Floor for a vote. It failed to gain the support of the entire House.
They released the following statement after the maneuver failed.
“House Democrats stood with teachers and attempted several procedural maneuvers to bring legislation to the House floor that would provide sustainable long-term funding to education. Unfortunately, all but two Republicans voted not to hear the legislation that would have ended the capital gains tax exemption, which has cost Oklahoma more than $460 million over the course of five years and has shown a return investment of just $9 million.
This exemption disproportionally benefits wealthy individuals at the expense of Oklahoma’s education system and other core services. All 28 House Democrats remain ready to repeal this unnecessary burden on Oklahomans. We are calling on our friends across the aisle to do as the Senate has done and join us in ending this exemption so that teachers can go back to the classroom knowing that funding is on the way.”
