Current:Home > reviewsOklahoma’s Republican governor wants to cut taxes. His GOP colleagues aren’t sold on the idea. -Prime Capital Blueprint
Oklahoma’s Republican governor wants to cut taxes. His GOP colleagues aren’t sold on the idea.
View
Date:2025-04-12 17:05:53
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! (49)
Related
- Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
- Ayo Edebiri, Quinta Brunson and More Black Women Already Making History in 2024
- Want to run faster? It comes down to technique, strength and practice.
- Carl Weathers, action star of 'Rocky' movies, 'Predator' and 'The Mandalorian,' dies at 76
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Carl Weathers, actor who starred in Rocky and Predator, dies at age 76
- Bruce Springsteen's mother, Adele Springsteen, dies at 98
- Jeremy Renner Shares Why He’s “Not Afraid” of Death After Scary Snowplow Accident
- Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
- Could Biden shut down the border now? What to know about the latest immigration debate
Ranking
- Jorge Ramos reveals his final day with 'Noticiero Univision': 'It's been quite a ride'
- Fani Willis' court filing confirms romantic relationship with lawyer on Trump case but denies any conflict
- Carl Weathers, actor who starred in Rocky and Predator, dies at age 76
- Olympic skating coach under SafeSport investigation for alleged verbal abuse still coaches
- Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
- How Sherri Shepherd Avoids Being Overwhelmed by Health Care Trends Like Ozempic
- Orioles land former Cy Young winner Corbin Burnes in major trade with Brewers
- Watch: Punxsutawney Phil does not see his shadow on Groundhog Day 2024
Recommendation
Civic engagement nonprofits say democracy needs support in between big elections. Do funders agree?
Target pulls Black History Month book that misidentified 3 civil rights icons
Converging Climate Risks Interact to Cause More Harm, Hitting Disadvantaged Californians Hardest
Justin Bieber Returns To The Stage A Year After Canceling World Tour
Have Dry, Sensitive Skin? You Need To Add These Gentle Skincare Products to Your Routine
Groundhog Day 2024 full video: Watch Punxsutawney Phil as he looks for his shadow
Toddler twins found dead in car parked on Miami highway
Allegiant Stadium’s roll-out field, space station look to be center stage during Super Bowl in Vegas