With just over a week until the end of the regular legislative session, some lawmakers have proposed massive tax increases, including a plan to cap personal itemized deductions that would dramatically increase personal income taxes on many Oklahoma families and small businesses.
OCPA released today a budget plan to fill Oklahoma’s $878 million budget gap and give teachers a pay raise—while respecting and protecting Oklahoma families and their own budgets.
The balanced budget plan proposed by OCPA includes more than $1.3 billion in savings—including items from OCPA’s “Freedom Agenda” published in January and “First Steps” list released in February—and $337 million in tax increases, including an increase in the tax on gasoline and diesel, a 67-cent per pack cigarette tax increase, and a wind production tax. Together, the lower spending and increased taxes add up to nearly $1.7 billion.
