[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.
How Fee Increases Are Outpacing Tax Cuts In Oklahoma
StateImpact reported in April on how difficult practically impossible it is to raise taxes in Oklahoma, and the 1992 state question responsible.