Current:Home > ScamsOklahoma’s Republican governor wants to cut taxes. His GOP colleagues aren’t sold on the idea. -TradeSphere
Oklahoma’s Republican governor wants to cut taxes. His GOP colleagues aren’t sold on the idea.
View
Date:2025-04-15 06:07:49
OKLAHOMA CITY (AP) — Oklahoma Gov. Kevin Stitt renewed his pitch on Thursday for lawmakers to reduce the state’s individual income tax rate, but not all of his Republican colleagues in the Legislature are sold on the idea.
On the first day of a special session to consider Stitt’s call for a tax cut, the Senate voted to adjourn with no plan to return after Stitt declined an invitation to explain his proposal to the Senate Appropriations Committee.
Stitt’s absence underscores a growing tension between the second-term governor and the Republican-controlled Legislature that has largely centered on Stitt’s deteriorating relationship with the tribal nations based in Oklahoma.
“It’s not like he was out of the country. It’s not like he was out of the state. He was downstairs,” said Senate President Pro Tempore Greg Treat. “I saw his plan: cut spending, cut taxes. I have yet to see him present a budget that does the first part of that.”
While the Senate Appropriations Committee was preparing to meet to discuss the implications of a tax cut on state revenues, Stitt held a press conference with House Speaker Charles McCall and longtime anti-tax activist Grover Norquist in which the governor advocated for a 0.25% reduction to the state’s top individual income tax rate of 4.75%.
“I’ve asked for tax cuts. I’ve asked for tax fairness,” Stitt said. “Getting these things over the finish line are going to be wonderful for all 4 million Oklahomans, to slow the growth of government.”
McCall said House Republicans are prepared to support an income tax cut, but the Senate has been much more cautious in its approach to tax cuts.
Oklahoma’s revenue collections in recent years have reached all-time highs, fueled in large part by increased revenue from oil and gas production taxes and an infusion of federal COVID relief and other funds. But there are signs revenue collections are beginning to slow down, and some Republicans are concerned that cutting taxes could put the state on precarious financial footing if that trend continues.
The state’s individual income tax collections made up about one-third of the state’s $13.3 billion tax collections last year, and a 0.25% reduction is estimated to cost the state about $240 million annually.
Several GOP-led states have pushed for aggressive tax reductions that swept across states last year and have continued into 2023 — even as some warn that it might be wise for states to hold on to record large surpluses amid economic uncertainty.
Oklahoma also has an unusual provision added to its state constitution by voters in 1992 that any tax increase must be approved by a three-fourth’s vote of both legislative chambers, a feature that makes it extremely difficult to raise taxes during times of economic hardship.
With a hole in its budget of more than $1 billion in 2018 and a looming walkout of public school teachers, the Republican-led Legislature narrowly approved an increase in taxes on motor fuel, tobacco and energy production that has also played a role in the state’s growing revenue.
veryGood! (991)
Related
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- 'How to Dance in Ohio' is a Broadway musical starring 7 autistic actors
- Julia Roberts Reveals the Simple rules She Sets for Her Teenage Kids
- Macaulay Culkin Shares What His and Brenda Song's Son Can't Stop Doing After His Public Debut
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Older Voters Are Second Only to Young People in Share of ’Climate Voters,’ New Study Shows
- Dolphins' Tua Tagovailoa reveals strategy on long TD passes to blazing fast Tyreek Hill
- Magnitude 5.1 earthquake felt widely across Big Island of Hawaii; no damage or risk of tsunami
- Highlights from Trump’s interview with Time magazine
- Here's why NASA's mission to put humans back on the moon likely won't happen on time
Ranking
- Could your smelly farts help science?
- A deer broke into a New Jersey elementary school. Its escape was caught on police bodycams
- 'Supernatural,' 'Doom Patrol' actor Mark Sheppard shares he had 'six massive heart attacks'
- Older Voters Are Second Only to Young People in Share of ’Climate Voters,’ New Study Shows
- 'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
- Video shows elderly 17-year-old Shih Tzu rescued from air vent in Virginia home: Watch
- German man accused of forming armed group to oppose COVID measures arrested in Portugal
- American tourist killed in shark attack in Bahamas, police say
Recommendation
Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
The bodies of 5 young men are found in a car in a violence-wracked city in Mexico
Ukrainian officials say Russian shelling has hit a southern city, killing 2 people in the street
Judge weighing Ohio abortion rights amendment’s legal impact keeps anti-abortion groups clear
As Trump Enters Office, a Ripe Oil and Gas Target Appears: An Alabama National Forest
Venezuela’s government wins vote on claiming part of Guyana, but turnout seems lackluster
Students around the world suffered huge learning setbacks during the pandemic, study finds
When is New Year's day? Here's when the holiday falls for 2024 and why we celebrate it.