Senator Micheal Bergstrom is pushing for the elimination of Oklahoma’s income tax. He has filed Senate Bill 1 which would reduce the state’s marginal income tax rate by .25 percentage points across all brackets. If the Board of Equalization determines that state revenue has increased by at least $400 million compared to the previous fiscal year before the most recent tax cut, another the tax will be reduced by another .25 percentage points until the top rate is zero.
Bergstrom added a safeguard that would delay a tax cut if a revenue failure occurred before the cut took effect.
“I’m proud to champion a policy that supports hardworking Oklahomans and promotes economic growth,” Bergstrom said. “This measured, step-by-step approach ensures that our state remains on a sound financial footing while giving families and businesses more of their hard-earned money back.”
