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Oklahoma State Budget Slowly Improving - 1/26/2018

Budget problems have plagued the State of Oklahoma in recent years, there may be reason to remain hopeful. Though, the main focus will be on undoing income tax cuts, which have cost the state a great deal of its revenue. "All told, the state is bringing in about $1.5 billion a year less in tax revenue as a result of tax cuts over the last decade," Oklahoma Policy Institute’s David Blatt stated. He went on to state that just five years ago, Gov. Mary Fallin was saying Oklahoma could eliminate the income tax — now she’s calling for new revenue. "We stopped the movement for income tax repeal, and we’ve seen growing recognition … that there is a structural budget deficit, that we do have a revenue problem, that we need more revenue," Blatt said. "And we have seen real, unprecedented openness to new taxes in the state." Income tax rates have gone down in recent years, with about $1 billion coming from cuts to the highest individual tax rate. Blatt gave an outlook on the state budget Thursday at Oklahoma Policy Institute's fifth annual State Budget Summit in Oklahoma City.



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OrionNet is an Oklahoma small business founded in 2001. OrionNet has designed, developed and supported applications created both for the client-server and web environments, as well as developing, marketing and supporting a commercial application for the counseling centers industry.

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