Current:Home > ScamsOklahoma’s Republican governor wants to cut taxes. His GOP colleagues aren’t sold on the idea. -Visionary Wealth Guides
Oklahoma’s Republican governor wants to cut taxes. His GOP colleagues aren’t sold on the idea.
View
Date:2025-04-14 08:08:26
OKLAHOMA CITY (AP) — Oklahoma Gov. Kevin Stitt renewed his pitch on Thursday for lawmakers to reduce the state’s individual income tax rate, but not all of his Republican colleagues in the Legislature are sold on the idea.
On the first day of a special session to consider Stitt’s call for a tax cut, the Senate voted to adjourn with no plan to return after Stitt declined an invitation to explain his proposal to the Senate Appropriations Committee.
Stitt’s absence underscores a growing tension between the second-term governor and the Republican-controlled Legislature that has largely centered on Stitt’s deteriorating relationship with the tribal nations based in Oklahoma.
“It’s not like he was out of the country. It’s not like he was out of the state. He was downstairs,” said Senate President Pro Tempore Greg Treat. “I saw his plan: cut spending, cut taxes. I have yet to see him present a budget that does the first part of that.”
While the Senate Appropriations Committee was preparing to meet to discuss the implications of a tax cut on state revenues, Stitt held a press conference with House Speaker Charles McCall and longtime anti-tax activist Grover Norquist in which the governor advocated for a 0.25% reduction to the state’s top individual income tax rate of 4.75%.
“I’ve asked for tax cuts. I’ve asked for tax fairness,” Stitt said. “Getting these things over the finish line are going to be wonderful for all 4 million Oklahomans, to slow the growth of government.”
McCall said House Republicans are prepared to support an income tax cut, but the Senate has been much more cautious in its approach to tax cuts.
Oklahoma’s revenue collections in recent years have reached all-time highs, fueled in large part by increased revenue from oil and gas production taxes and an infusion of federal COVID relief and other funds. But there are signs revenue collections are beginning to slow down, and some Republicans are concerned that cutting taxes could put the state on precarious financial footing if that trend continues.
The state’s individual income tax collections made up about one-third of the state’s $13.3 billion tax collections last year, and a 0.25% reduction is estimated to cost the state about $240 million annually.
Several GOP-led states have pushed for aggressive tax reductions that swept across states last year and have continued into 2023 — even as some warn that it might be wise for states to hold on to record large surpluses amid economic uncertainty.
Oklahoma also has an unusual provision added to its state constitution by voters in 1992 that any tax increase must be approved by a three-fourth’s vote of both legislative chambers, a feature that makes it extremely difficult to raise taxes during times of economic hardship.
With a hole in its budget of more than $1 billion in 2018 and a looming walkout of public school teachers, the Republican-led Legislature narrowly approved an increase in taxes on motor fuel, tobacco and energy production that has also played a role in the state’s growing revenue.
veryGood! (9768)
Related
- Woman dies after Singapore family of 3 gets into accident in Taiwan
- An iPhone fell from an Alaska Airlines flight and still works. Scientists explain how.
- Firefighters investigate cause of suspected gas explosion at historic Texas hotel that injured 21
- Mehdi Hasan announces MSNBC exit after losing weekly show
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Why there's a storm brewing about global food aid from the U.S.
- Nicole Kidman Was “Struggling” During 2003 Oscars Win After Finalizing Divorce From Tom Cruise
- Mean Girls’ Daniel Franzese Reveals Where He Thinks Damien Is Today
- The Daily Money: Spending more on holiday travel?
- Which was the best national championship team of the CFP era? We ranked all 10.
Ranking
- Trump invites nearly all federal workers to quit now, get paid through September
- Powerball winning numbers for January 8 drawing; Jackpot at $46 million after big win
- Maren Morris and Ryan Hurd decide custody, child support in divorce settlement
- Kevin Durant addresses Draymond Green's reaction to comments about Jusuf Nurkic incident
- 'We're reborn!' Gazans express joy at returning home to north
- Way-too-early Top 25: College football rankings for 2024 are heavy on SEC, Big Ten
- New labor rules aim to offer gig workers more security, though some employers won’t likely be happy
- Kenyan court: Charge doomsday cult leader within 2 weeks or we release him on our terms
Recommendation
DoorDash steps up driver ID checks after traffic safety complaints
1000-Lb. Sisters' Tammy Slaton Fires Back at Haters Criticizing Her Appearance
Katy Perry Details Vault of Clothes She Plans to Pass Down to Daughter Daisy Dove
Why there's a storm brewing about global food aid from the U.S.
DoorDash steps up driver ID checks after traffic safety complaints
Princess Kate turns 42: King Charles celebrates her birthday with rare photo
Kremlin foe Navalny says he’s been put in a punishment cell in an Arctic prison colony
2024 Golden Globes reaches viewership of 9.4 million — highest ratings in years