Gov. Fallin says recent history confirms income tax cuts yield higher long-term revenues
Published: February 8th, 2013
OKLAHOMA CITY — Gov. Mary Fallin told members of the Oklahoma Press Association she believes the .25% income tax reduction she proposed in this week’s State of the State address is an example of how the state can “gradually, cautiously, wisely” reduce the income tax burden without decimating funding for essential public services.
Fallin made the comments to the assembled editor and publishers in the Blue Room at the Capitol.
Fallin noted that Oklahoma has steadily trimmed the personal income tax since the 1990s, slicing it from what was once a 7 percent levy to the current 5.25 percent top rate. She stressed that “each tax cut has led to higher revenues in the long run,” and believes that will be the case with the newly-proposed incremental reduction.
Fallin told the newspaper association’s members she would consider even further tax cuts — if the Legislature passes such proposals and send them to her desk.
In an editorial analysis printed February 8, The Oklahoman detailed a series of state government tax revenue surges dating to 1998, each coming in the wake of incremental reductions in the state’s personal income tax.
Fallin’s comments coincided with the capital city visit of Grover Norquist of Americans for Tax Reform, with whom she was closely allied during her years in the U.S. House of Representatives.
You may contact Patrick B. McGuigan at Patrick@capitolbeatok.com and follow us on Twitter: @capitolbeatok.