Oklahoma Policy Institute: The Cost of Tax Cuts in Oklahoma
ITEP Work in Action“Due to these cuts, Oklahoma’s top income tax rate has been slashed by almost a fourth, from 6.65 percent before 2004 to 5 percent beginning in 2016. The annual revenue loss from these cuts has now reached $1.022 billion, according to an analysis prepared for OK Policy by the Institute on Taxation and Economic Policy. If a pre-approved tax cut that could take effect as soon as 2018 lowers the top rate again, to 4.85 percent, it will add another $100 million to the annual cost of tax cuts.”