Corporate, personal income tax cuts included in $8.3 billion state budget

In a last-minute twist, Oklahoma lawmakers included corporate and personal income tax cuts in the $8.3 billion state budget agreement announced Thursday.

Senate Republicans previously said they had not widely supported the tax reforms because of concerns over financial uncertainty caused by the pandemic.

The cuts would reduce the corporate income tax from 6 percent to 4 percent and the top personal income tax rate from 5 percent to 4.75 percent.

“I’m very, very pleased with how this budget came together,” Gov. Kevin Stitt said. “There is a push in the federal administration to raise corporate taxes, to raise personal income taxes. We want Oklahoma to be the state that says ‘You know what? We are open for business.’”

Read more: https://www.readfrontier.org/stories/updates-from-the-state-capitol-corporate-personal-income-tax-cuts-included-in-8-3-billion-state-budget/

They didn't learn anything observing Kansas when they did the same thing within the past decade.