Showing posts with label Tax Cuts. Show all posts
Showing posts with label Tax Cuts. Show all posts

Saturday, July 19, 2025

Gov. Stitt touts state revenue growth, low unemployment numbers


Governor Stitt Applauds Strong Revenue Growth and Nation-Leading Unemployment Numbers

OKLAHOMA CITY (July 18, 2025) - This week, Governor Kevin Stitt is celebrating good news for Oklahoma's economy, as new data shows the state is bringing in more money, creating new jobs, and keeping unemployment low.

“This is what happens when you keep your fiscal house in order,” said Governor Stitt. “Because we’ve cut taxes, reined in wasteful spending, and resisted the urge to grow government, Oklahoma is thriving.”

Wednesday, July 02, 2025

Lankford touts 'major wins' in after Senate passage of Trump's One Big Beautiful Bill

Here's U.S. Senator James Lankford (R-OK) with his take on Senate passage of the 'One Big Beautiful Bill':


Lankford Secures Major Wins for Oklahoma Families, Energy Producers, and Small Businesses in One Big Beautiful Bill

WASHINGTON, DC (July 1st) — US Senator James Lankford (R-OK), a member of the Senate Finance and Homeland Security Committees, released the following statement after the passage of the One Big Beautiful Bill, which delivers the largest tax cut in history for hardworking Americans, secures the border, strengthens Medicaid program integrity, and rebuilds the military, all while cutting out-of-control spending.

“This is a big, beautiful win for Oklahoma families, workers, seniors, and small businesses,” said Lankford. “This bill halts the largest tax increase in history, secures the border, and contains the most significant entitlement reform in years. I fought to make sure Oklahoma values were reflected in this package – protecting charitable giving, supporting energy jobs, and making it easier for businesses to grow and hire American workers.”

Lankford secured key wins in the One Big Beautiful Bill to support Oklahoma families, job creators, and charitable giving.

He secured the charitable deduction for non-itemizers, allowing couples to deduct up to $2,000 in donations. This will help more Americans support local churches, charities, and non-profits.

Lankford also led the repeal of the Biden administration’s tax penalty on oil and gas producers by restoring key investment deductions. This will allow energy producers to reinvest, create jobs, and keep energy prices stable.

He also worked to make full, immediate expensing permanent so businesses can deduct the full cost of equipment and technology up front. This will drive expansion, innovation, and job creation across Oklahoma.  

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Background

Lankford has been outspoken on what it would have meant for Oklahomans if the One Big Beautiful Bill hadn’t passed the Senate and if President Trump’s 2017 Tax Cuts expire:

  • A staggering 63,000 jobs were projected to be lost.
  • The average Oklahoma family faced a $2,013 tax increase.
  • Nearly 449,000 households would have seen their child tax credit reduced by 50%.
  • Over 233,000 small business owners would have been hit with significant tax hikes.
  • More than 1.5 million families would have had their standard deduction cut in half.

To read more about how this bill helps families, seniors, the vulnerable and disabled, farmers and ranchers, small businesses, as well as strengthens our national defenses, unleashes American energy, and secures the border, see below: 

How this bill helps families

  • This bill delivers the largest tax cut in history, which will result in higher wages and higher take home pay. This is also the most substantial entitlement reform in years, which will help our safety net programs stay viable for those in need.
  • The average family will save about $5,000 in additional taxes next year.
  • There will be no tax on tips, an increased standard deduction for seniors, no tax on overtime, and a tax break for those who buy new cars made in America.
  • This bill will also give families $2,200 per child up to 16 years old every year. It will also create a savings account for every child born between 2025 and the end of 2028 – each account would start with a $1,000 deposit that parents can invest for their kids, giving kids a financial boost from birth.
  • In Oklahoma, the long-run wage increase is projected to go from $4,800 to $9,100 according to the Council of Economic Advisers.
  • In Oklahoma, the take-home pay increase for a family of four is projected to go from $6,500 to $10,800 according to the Council of Economic Advisers.
  • This bill also expands the adoption tax credit and indexes it for inflation. It also allows for tribal governments to decide when a child qualifies as having special needs to extra help under the credit. When adoption can cause as much as $60,000, this tax credit will make it easier for families to welcome a child in need into their lives and homes.
  • Police officers, firefighters, truckers, linemen, and others who work overtime will take home an average of more than $1,300 a year because of the no tax on overtime in this bill.
  • Those who buy a new American-made car will be able to write off some of the interest from their car loan, which will help families and American manufacturing.

How this bill helps seniors

  • Seniors who make less than $75,000 as an individual or a couple who makes less than $150,000 will see a $6,000 increase in their standard deduction regardless of whether they are receiving Social Security yet or not.

How this bill helps vulnerable and disabled patients

  • This bill is good news for vulnerable and disabled patients because it protects the aged, blind, and disabled from changes to Medicaid. It also blocks Biden’s nursing home staffing mandate that threatened rural care facilities, it boosts physician payments to offset cuts that the Biden administration had implemented, and it ensures continued access to care and incentivizes innovation, especially for those with rare diseases or who need access to telehealth options. It also prohibits tax dollars from going to Planned Parenthood through Medicaid.

How this bill helps farmers and ranchers

  • This bill delivers wins for rural America by expanding the farm safety net, strengthening crop insurance, and supporting agricultural trade. The bill also restores accountability in nutrition programs and ensures food assistance serves Americans in need, not illegal immigrants. 
  • This bill would keep two million family farms safe from the death tax by making permanent death tax exemptions from the 2017 Trump Tax Cuts and Jobs Act.

How this bill incentivizes giving to charity

  • Sen. Lankford was proud to lead on restoring a tax deduction for non-itemizers – up to $2,000 per couple – which will help more Americans support charities, houses of worship, and non-profits, especially those that serve the most vulnerable. 

How this bill helps energy production

  • Sen. Lankford also led a repeal of the Biden administration’s unfair tax penalty on oil and gas producers by restoring key investment deductions, which will allow domestic energy producers to reinvest, create jobs, and keep energy costs stable. 

How this bill helps businesses

  • Sen. Lankford worked to make full, immediate expensing permanent, so businesses can deduct investments like equipment and technology up front, which will help fuel job creation and business expansion.

How this bill cracks down on illegal immigration

  • This bill devotes $160 billion to hire more Border Patrol Agents, more ICE officers, and to finish the border wall and invest in technology to secure the border.

How this bill helps our air traffic control system

  • The bill invests $12.5 billion to modernize America’s air traffic control system, by replacing outdated equipment, upgrading safety infrastructure, and expanding controller training so we continue to have the safest skies in the world. 

How this bill strengthens our national defense

  • This bill provides $150 billion to strengthen our military, rebuild our defense industrial base, and support border security missions. It also funds the Golden Dome initiative, boosts efforts to counter China, improves the quality of life for our servicemembers, invests in the tools needed to improve Pentagon accountability and delivers a clean audit.

Saturday, June 07, 2025

OCPA column: A successful session


A successful session
By Jonathan Small

The 2025 legislative session has provided many policy wins for Oklahomans, and it is evidence of the intentional efforts by lawmakers to pass meaningful reforms.

The success of this session owes much to the leadership of Gov. Kevin Stitt, House Speaker Kyle Hilbert, and Senate Pro Tempore Lonnie Paxton, as well as the hard work of many lawmakers.

House Bill 2764 cuts Oklahoma’s top income-tax rate from 4.75 percent to 4.5 percent and puts the income tax on a gradual path to zero. This will help Oklahoma remain competitive with other states while encouraging more investment and job creation in Oklahoma. State Sen. Micheal Bergstrom and state Rep. Mark Lepak, in particular, deserve credit for their work on this issue.

Tuesday, June 03, 2025

Governor Stitt celebrates legislative session policy wins, including tax cut


Governor Stitt Celebrates Session Wins

OKLAHOMA CITY (May 30, 2025) - Today, Governor Kevin Stitt celebrated a successful end to the legislative session. He signed multiple policy priorities into law, including a quarter point personal income tax reduction and a plan to eliminate the income tax for all Oklahomans. He signed business-friendly priorities including “Behind-the-Meter” and business courts. He also signed legislation that will ensure Oklahoma students are receiving the education that best prepares them for the future workforce.

Wednesday, May 28, 2025

The final hours: a news brief for the end of the 2025 legislative session


I have been swamped with work, family, and church activities for the last few weeks, and it's taken a big toll on my blogging time availability, so I'm going to attempt a brief summary here of just 16 of the 100+ news and press releases I've received in the past two weeks, including the state budget agreement, income tax cuts, economic development projects, audits, and more.

In order of what I feel is most newsworthy:

Sunday, May 18, 2025

Governor Stitt, legislative leaders announce $12.6B state budget deal

Governor Stitt, Legislature Announce Budget Deal

OKLAHOMA CITY (May 14, 2025) - Today, Governor Kevin Stitt, Senate President Pro Tempore Lonnie Paxton, and House Speaker Kyle Hilbert unveiled a comprehensive agreement aimed at cutting taxes, investing in key infrastructure, and strengthening Oklahoma’s business-friendly climate.

The agreement includes a quarter-point tax cut to the state income tax, a consolidation of income tax brackets and a true path to zero income tax, ensuring that Oklahoma stays competitive with surrounding states.

Monday, May 12, 2025

Small: Standing still is a poor strategy in state competition


Standing still is a poor strategy in state competition
By Jonathan Small

In politics, there is an unfortunate tendency among lawmakers to pass significant policy reforms … and then rest on their laurels.

Unfortunately, one year’s progress does not translate into permanent victory, as can be seen in the latest edition of the “Rich States, Poor States” report authored by economists Arthur Laffer, Stephen Moore, and Jonathan Williams.

The report ranks states in a variety of categories, including tax rates, workers’ compensation costs, and the number of public employees, among other policy variables.

In the latest edition, Oklahoma fell out of the top 10 states.

Wednesday, April 16, 2025

Small: State tax competition is fierce


State tax competition is fierce
By Jonathan Small

Oklahoma is generally perceived as a lower-tax state, but unfortunately our tax on work and investment—the personal income tax—remains among the highest in the region and (increasingly) across the country.

That’s a problem because the income tax has outsized, negative impact on investment and job creation.

Oklahoma’s personal income tax has been cut from 7 percent in the 1990s to 4.75 percent today, but other states’ leaders are not twiddling their thumbs.

Thursday, April 03, 2025

Small: Mississippi is beating Oklahoma (again)


Mississippi is beating Oklahoma (again)
By Jonathan Small

I recently noted that Mississippi students are dramatically outperforming their Oklahoma peers when it comes to reading.

Now Mississippi officials are seeking to dramatically outpace Oklahoma in the race for jobs by eliminating its tax on work and investment – the state income tax.

Mississippi currently has an income-tax rate of 4.7 percent, which is already lower than Oklahoma’s top rate of 4.75 percent, and the rate in Mississippi was also scheduled to fall to 4 percent in 2026.

But now, with passage of Mississippi’s House Bill 1, that state’s income tax is on the path to full repeal.

Friday, March 07, 2025

OK Senate Appropriations Committee passes tax reform measures

An income tax credit during years of growth, rather than a full blown tax cut? I'm a bit skeptical of the idea (it's certainly a novel proposal that I've never heard of before).


Senate Appropriations Committee Advances Tax Reform Measures to Strengthen Oklahoma’s Economy

OKLAHOMA CITY (March 6th) – The Senate Appropriations Committee passed a series of tax reform measures aimed at simplifying Oklahoma’s tax code, providing relief to individuals and businesses and promoting economic growth. 

Senate Bills 304, 299, 291, and 60, authored by Senator Dave Rader, R- Tulsa, and Adam Pugh, R-Edmond, address income tax structure, corporate tax fairness and taxpayer relief mechanisms.

Tuesday, February 18, 2025

Oklahoma Freedom Caucus releases 2025 policy agenda

Good stuff from the best group in the Legislature:


Oklahoma Freedom Caucus releases policy agenda

OKLAHOMA CITY (Feb. 17th) – Today, the Oklahoma Freedom Caucus led by Chairman Shane Jett, House Vice Chair Jim Olsen, and Senate Vice Chair Dusty Deevers released the following policy agenda for 2025.

For the 60th Legislature the focus of the Oklahoma Freedom Caucus is to advance the Freedoms of Oklahomans in four key areas:

Wednesday, January 22, 2025

Americans for Prosperity launches $20M nationwide effort supporting Trump tax cuts


Americans for Prosperity Launches $20 Million Nationwide Campaign Supporting the Trump Tax Cuts to Protect Oklahoma Families From Tax Hikes

OKLAHOMA CITY, OK - [On January 13th], Americans for Prosperity (AFP) launched a $20 million nationwide campaign calling on Congress to protect prosperity and renew President Trump’s highly successful Tax Cuts and Jobs Act (TCJA) – a cornerstone of AFP and the Trump Administration’s shared economic agenda this year. The campaign, the largest effort by a conservative organization to support President Trump’s second-term legislative agenda, launches this week with an ad blitz across all 50 states urging Americans to unite in telling Washington that now is not the time for higher taxes.

AFP-OK State Director John Tidwell said:

Tuesday, January 21, 2025

Deevers files bills to end income tax, feral hog hunting hurdles, and EPA diesel regulations

State Sen. Dusty Deevers has filed a bundle of new bills that are well worth consideration by the Oklahoma Legislature:


Deevers Introduces Tax Cut Elimination Bills, Other Tax Cuts

OKLAHOMA CITY (Jan 15th) — Sen. Dusty Deevers, R-Elgin, has introduced a slate of legislation to reduce the tax burden on Oklahomans, including the following.

  • SB305 to immediately eliminate the State individual income tax.
  • SB322 to immediately eliminate the State corporate income tax.
  • SB308 to gradually reduce the income tax by 1 percent per year until eliminated by 2029.
  • SB323 to gradually reduce the State corporate income tax by 1 percent per year until eliminated in 2028.
  • SB311 to reduce the gross production tax on the oil and gas industry from 7 percent to 5 percent.
  • Various tax credits for Oklahoma families and family-oriented initiatives, including SB228, SB281, and SB328.

Friday, January 17, 2025

Small: The tax race is on, and Oklahoma’s losing


The tax race is on, and Oklahoma’s losing
By Jonathan Small

Since the 1990s, Oklahoma’s top personal income-tax rate has been cut from 7 percent to 4.75 percent. That’s a good start, but it doesn’t mean Oklahoma is a national leader. In the race to attract entrepreneurs and business capital, we’re in a 50-state race – and Oklahoma is starting to fall behind.

This month, several states cut income-tax rates, often to levels lower than Oklahoma.

In 2024, the citizens of Iowa paid an income-tax rate of up to 5.7 percent. But starting in January, they face only a flat tax rate of 3.8 percent.

Notably, when Iowa Gov. Kim Reynolds was elected in 2018, Iowa’s top income tax rate was 8.98 percent — the sixth highest in the country.

Friday, December 06, 2024

Small: Tax repeal must be priority


Tax repeal must be priority
By Jonathan Small

Now that this year’s elections have concluded, Republican caucuses have selected leadership in both chambers of the Oklahoma Legislature. State Rep. Kyle Hilbert of Bristow will serve as speaker of the Oklahoma House of Representatives while state Sen. Lonnie Paxton of Tuttle will serve as president pro tempore of the Senate.

As they prepare agendas for the 2025 legislative session, which starts in February, Republicans in both chambers must be prepared to tackle one of Oklahoma’s most pressing economic challenges – the state’s penalty on work.

Thursday, November 21, 2024

State Sen. Bergstrom files bill to gradually eliminate state income tax


Bergstrom Files Bill to Gradually Eliminate Oklahoma Income Tax

OKLAHOMA CITY (Nov. 20th) – Sen. Micheal Bergstrom, R-Adair, has filed Senate Bill 1, a tax reform proposal designed to reduce Oklahoma’s income tax rates in a responsible and measured way.

Under SB1, the state’s marginal income tax rate will be reduced by 0.25 percentage points across all income brackets. Future reductions are tied to revenue growth, with the Board of Equalization tasked with determining if total state revenue has increased by at least $400 million compared to the fiscal year before the most recent tax cut. Each time this benchmark is met, another 0.25 percent reduction will be triggered, continuing until the top marginal income tax rate is zero.

Friday, October 25, 2024

Sen. Deevers applauds Trump’s reported consideration of federal income tax repeal


Deevers Comments on Trump’s Reported Consideration of Federal Income Tax Repeal

OKLAHOMA CITY — Sen. Dusty Deevers, R-Elgin, responded on Friday to Thursday’s New York Times report that former President Donald Trump is seriously considering supporting eliminating the federal income tax.

“In a time when government bloat, earmarks, and abuse of funds are out of control, and when the American people are suffering under crushing inflation and taxation, the repeal of the federal income tax would be among the most historic achievements in American history. Should he win in November, I encourage former President Trump to follow through on what he is reportedly considering.”

Tuesday, September 24, 2024

Cong. Hern: The Important Issue That No One’s Talking About


The Important Issue That No One’s Talking About
By: U.S. Rep. Kevin Hern

Most Americans have not heard a single word about the most important thing happening in Washington, DC, this year.

While many are familiar with President Trump’s 2017 Tax Cuts and Jobs Act (TCJA), few know that some of the most important tax cuts in that bill are set to expire at the end of 2025. Some of the provisions have already expired.

This means that whoever wins this election - both in Congress and in the White House - will control what happens to the tax code next. That sentence should both scare and motivate you.

Tuesday, August 27, 2024

Pro Tem Treat: Grocery tax cut this week "will provide immediate relief" from inflation, higher cost of living


Senate Pro Tem Treat Comments on Oklahoma Grocery Tax Cut Taking Effect Thursday

OKLAHOMA CITY – Senate Pro Tem Greg Treat, R-Oklahoma City, today announced the long-awaited reduction in Oklahoma's grocery tax will take effect Thursday. 

The tax cut, which was approved during this year's legislative session, marks a significant step toward easing the financial burden on Oklahoma families. It also represents the largest tax cut in state history. 

Thursday, August 22, 2024

Sen. Deevers celebrates impending grocery tax cut, continues call for income tax cut


Deevers Applauds Impending Grocery Tax Cut, Calls for Legislature to Do More

OKLAHOMA CITY (August 19th) — With the State grocery tax set to be eliminated on August 29, Sen. Dusty Deevers, R-Elgin, celebrated the additional money going back into the hands of the people of Oklahoma.

“On the campaign trail, I promised Southwest Oklahomans I would work to get the government off our backs and out of our pocketbooks. Though I had hoped for even greater tax cuts and filed legislation to do so, I am very pleased that we were able to at least get rid of the 4.5 percent state grocery tax, which is set to be eliminated for all Oklahomans beginning on August 29. In addition to eliminating the State sales tax, the new law also prohibits cities and counties from raising local grocery tax rates until July 1, 2025. According to recent data, the new law will save the average family of four in Oklahoma roughly 60 dollars per month.”