The Norman Transcript: Study: Education tax increase would cost average family $262

“A proposed penny sales tax increase would cost medium-income Oklahomans about $262 a year and raise $608 million annually to finance public schools and higher education, a new data analysis shows.The bottom 20 percent of Oklahoman households would chip in $90 a year, the top 1 percent would pay $1,691, the study says. As a percentage of income, though, the tax would fall hardest on the poor because they spend a bigger portion of their income on retail purchases. The analysis was prepared by the Institute on Taxation and Economic Policy. It was requested by the Oklahoma Policy Institute, a Tulsa-based group that supports higher levels of funding for education and other core services.”

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