Oklahoma
KFOR: State Leaders Approve Tax Breaks for Wealthiest Oklahomans
December 22, 2014
According to the Institute on Taxation and Economic Policy, the tax breaks would equal out to $9 for those who make between $19,500 and $36,400. It would also give $30 back to individuals making between $36,400 and $58,100. An additional $81 would go in the pockets of those who make between $58,100 and $97,700. Read […]
The Motley Fool: The 5 States with the Highest Sales Tax
August 20, 2014
By Jeremy Bowman: Nearly every state in the union charges a sales tax, and the tax levied on goods and services sold at the retail level is just one of many tools states use to collect revenue, along with licensing and taxes on income, corporations, and property. Sales taxes tend to attract less attention than […]
Associated Press: Oklahoma Tax Holiday Is Little Relief
August 1, 2014
By Tim Tally Figures provided by the commission indicate that in 2008, the first year the sales tax holiday was in effect, shoppers saved $6.4 million in sales taxes on clothing and footwear. Last year, shoppers saved more than $7.2 million, and this year the commission estimates shoppers will save almost $7.3 million in sales […]
Oklahoma Policy Institute: 5 things you should know about Oklahoma taxes
April 15, 2014
It’s tax day — the annual event when procrastinators, or those who just like to live on the edge, rush to get their tax returns filed before the midnight deadline. If your return is safely filed, or if you just want another excuse to procrastinate, here are 5 things in 5 charts that everyone should […]
The Tulsa World: OU leader slams funding cuts
February 18, 2014
(Original Post) President Boren says constant reductions are harming higher education in the state. BY KIM ARCHER World Staff Writer | 0 comments University of Oklahoma President David Boren is decrying the governor’s proposal to again cut higher education funding and is urging Oklahoma residents to raise their voices to stop further reductions. He became […]
Oklahoma Policy Institute: Tax cut will provide little benefit to most Oklahomans
February 18, 2014
The average Oklahoman would get just $29 from Governor Mary Fallin’s proposed income tax cut, while one-quarter of the total benefit would go to the wealthiest 1 percent of households, according to a new analysis prepared by the Institute for Taxation and Economic Policy (ITEP). Read the Full Report
Pryor Creek Times: Income tax reduction done deal
May 16, 2013
(Original Post) The plan to reduce Oklahoma’s income tax from 5.25 percent to 5.00 beginning in 2015 is a done deal. We know it means losing $200 million from state revenues that could have gone to hire more teachers and properly fund public safety so that we have enough troopers on the road and ensure […]
Oklahoma Policy Institute: Speak out against irresponsible tax cuts
April 26, 2013
An income tax cut deal has been reached between Governor Fallin and Legislative leadership. The proposal is moving through the Legislature as HB 2032. This fact sheet explains what’s in the latest deal and how it will affect Oklahomans. Read the Full Report
ABC News 2: Institute says quarter percent income tax cut would save most Oklahoma residents about $39 a year
April 15, 2013
(Original Post) Posted: 04/13/2013 By: Max Resnik TULSA – According to the non-partisan, non-profit Institute on Taxation and Economic Policy, the proposed income tax cut currently being discussed by Oklahoma Gov. Mary Fallin and legislative leaders would add little cash to the pockets of Oklahomans. Much of the discussion has involved reducing the income tax […]
Oklahoma Policy Institute: What’s unaffordable?
February 26, 2013
The Governor’s assertion that extending Medicaid is unaffordable to Oklahoma is unconvincing in at least two respects. First, the study on which she bases her cost estimates makes clear that extending Medicaid would have a very modest fiscal cost to the state and would bring in over twelve new federal dollars for every additional dollar […]
Oklahoma Policy Institute: Governor Fallin’s tax cut would do little to nothing for the average Oklahoman
February 19, 2013
In her State of the State address, Governor Fallin unveiled yet another proposal to cut Oklahoma’s income tax. Her plan is drastically scaled back from last year’s proposal, which attempted to stretch out Oklahoma’s tax brackets, cut the top rate in half, and eliminate dozen of tax credits, exemptions, and deductions. This year, the Governor […]
Tulsa World: Fallin Hopes to KISS tax issue goodbye
February 4, 2013
BY WAYNE GREENE World Senior Writer Sunday, February 03, 2013 2/3/2013 6:10:41 AM In the debate over state personal income tax rates this year, look for Gov. Mary Fallin to adopt the KISS method – Keep It Simple, Senator. Last year, her proposal seemed like it had more moving parts than a whirligig factory. She […]
Public Radio Tulsa: Two Reports Detail Low Savings Rate, Higher Tax Burden for Poor Oklahomans
February 4, 2013
(Original Post) By Catherine Roberts Two new reports are out this week about Oklahomans and their money: one (read it here) is about how many people save their money and to what extent, and the other (read it here) is about who pays the biggest percentage of their money in taxes. Forty-four percent is […]
Oklahoma Policy Institute: Oklahoma’s Tax Cuts: Who Benefits?
January 15, 2013
Tax cuts enacted between 2004 and 2006 will reduce Oklahoma’s revenues by more than $800 million when fully phased-in. Among the many tax cuts, the two largest involved cutting the top personal income tax rate and raising the standard deduction. Read the Full Report (PDF)
Oklahoma Policy Institute: Giving Credit Where Credit is Due: Boosting the Grocery Tax Credit Would Provide Targeted Help for Struggling Families
January 15, 2013
The family budgets of low- and moderate-income Oklahomans are under increasing strain from the rapidly rising costs of such essentials as food, fuel and utilities. Food costs rose 5.9 percent over the past year, according to the government’s August inflation data. Price increases have been particularly steep for such dietary staples as dairy (6.4 percent […]
Tulsa World: Report: Poor spend more of income on taxes
January 7, 2013
(PDF of the Original Post) by: SHANNON MUCHMORE World Staff Writer Thursday, November 19, 2009 11/19/2009 5:01:04 AM The poorest 20 percent of Oklahomans pay the most in state and local taxes, a trend seen throughout most ofthe nation, a report issued this month states. “Who Pays?” — an analysis by the nonprofit Institute on […]
The Oklahoman: Editorial: No simple solutions to easing tax burden
January 7, 2013
(PDF of the Original Post) The Oklahoman Editorial Published: November 22, 2009 NO further tax cuts are in the offing for the foreseeable future, so Oklahoma’s tendency to tax lower-income citizens disproportionately is also unlikely to change any time soon. The state is rated as having an exceptionally regressive tax system by the Institute on […]
The Oklahoma Daily: Tax cuts do not improve economy
January 7, 2013
(PDF of the Original Post) Thursday, March 10, 2011 Another Oklahoma income tax cut is expected to come into effect Jan. 1, 2012, despite evidence that strongly suggests the tax cut’s adverse impact on public services and income equality far outweigh its contrived benefits. The initial justification for the cut was based on projections that […]
Tulsa World: Report: Tax cuts won’t benefit most state households
January 7, 2013
(PDF of the Original Post) by: RANDY KREHBIEL World Staff Writer Monday, March 14, 2011 3/14/2011 5:35:07 AM Eighty percent of Oklahoma households would see little or no direct benefit from an impending quarter-percent income tax cut, according to a report issued last week by the Oklahoma Policy Institute. Nearly three-quarters of the $120-million tax […]
OK Policy Blog: Tax cuts do not have to be regressive
January 7, 2013
(PDF of the Original Post) by David | March 17th, 2011 A recent OK Policy fact sheet that analyzed the distribution of benefits from cutting the state’s top personal income tax rate from 5.5 to 5.25 percent has generated considerable interest and discussion. The tax cut would have a $120 million revenue impact; the analysis […]
Oklahoma Gazette: Students cover tax cuts
January 7, 2013
(PDF of the Original Post) By Kurt Hochenauer Oklahoma college students should expect another increase in tuition costs this fall, in part, because the state Legislature will probably not stop what University of Oklahoma President David L. Boren has called an “irresponsible” tax cut. Boren reportedly made the remark in early May at a meeting […]
KWGS News: Big Corporations Avoiding Taxes
December 19, 2012
(2011-12-07) OKLAHOMA CITY, OK (kwgs) – A comprehensive new study finds that many consistently profitable companies are paying little to no corporate income taxes on those profits. Out of 265 Fortune 500 companies examined, 68 managed to pay no state income tax in at least one out of the last three years, despite making almost […]
Tulsa World: Fair Share? Corporations in ‘race to the bottom’ in taxes owed
December 19, 2012
By JULIE DELCOUR Associate Editor Published: 12/11/2011 2:26 AM Last Modified: 12/11/2011 2:59 AM Oklahoma and every state that struggled mightily through recent recessionary times, might have had a far easier time had major corporations paid their fair share of state income taxes. But they did not, and that tax avoidance cost states an estimated […]
Muskogee (OK) Phoenix: Tax Credit Moratorium the Right Call
December 19, 2012
Original Post McClatchy News Editorial December 29, 2011 — The Task Force on State Tax Credits and Economic Incentives wants a one-year moratorium on all tax credits in Oklahoma while lawmakers consider the group’s recommendations for greater transparency and stricter oversight. The hole has given more attention to reports like one released earlier this month […]
Oklahoma Policy Institute: The Tax Shift
December 17, 2012
“On the last Friday of 2011, the legislature’s tax reform task force released its proposals for changing Oklahoma’s tax system. The most significant recommendation was to cut the top income tax rate from 5.25 percent to 4.75 percent. This would be paid for by eliminating numerous tax credits and exemptions, including broad-based credits going to […]
