Thursday, January 30, 2014
EXPLAINER | Income Tax
51 stories Income Tax
[bill id=”HB 3038″ state=ok session=”2012″ align=right]
The individual income tax is the largest single source of tax revenue for Oklahoma’s state government.
The tax brings in about $3 of every $8 in state revenue, according to Robert Dauffenbach, and economics professor and director of the Center for Economic and Managerial Research at the University of Oklahoma.
Nine states don’t levy taxes on personal incomes, including Texas, which is often cited as a model for economic growth and tax policy.
Several top state lawmakers, including Gov. Mary Fallin, Lt. Gov. Todd Lamb and state Rep. David Dank, R-Oklahoma City, have backed the elimination of the personal income tax.
Lawmakers in two other neighboring states, Kansas and Missouri, are also trying to eliminate the tax, which proponents say would help grow the economy by attracting and retaining jobs.
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StateImpact Oklahoma Team
