Oklahoma Governor Aims to Eliminate State Income Tax

Photo by The New York Public Library on Unsplash

(TheRedWire.com) – Oklahoma Gov. Stitt is looking to cut state income tax to help the state’s residents deal with the increased cost of living. As the Republican governor claimed, they supported having a smaller government and much lower taxes. He added that this is why they have managed to have the “largest savings account in our state’s history” and that now that the state had a budget surplus, they could give back to the people in Oklahoma.

He then talked about some of the taxes he wanted to cut, including income tax, which he tried to get to zero. He wanted his state to become the “most business-friendly state” in the U.S.

Currently, eight countries have zero percent personal income tax for taxpayers: Alaska, Florida, Nevada, Texas, Tennessee, South Dakota, Washington and Wyoming.

New Hampshire does not have a direct income tax for a person’s annual wage but has interest and dividend teases. On the other hand, Pennsylvania has implemented a 3.07 percent flat tax rate, one of the lowest tax rates in the U.S.

In Oklahoma, the personal income tax rate is currently at 4.75 percent. As the Governor noted during the last session, he had called for the rate to be reduced by 75 points and to have the rate dropped into the threes. He added that even if they did, they would continue to have a budget surplus, which is why it was a logical decision.

Copyright 2023, TheRedWire.com