Budget & Tax
Oklahoma revenues rose as tax rate fell
Curtis Shelton | February 29, 2024
Over the past 20 years, Oklahoma has steadily reduced its income tax rate from 7 percent to 4.75 percent. That’s a 32 percent reduction in the income tax rate.
During that time state revenue (adjusted for inflation) has grown by 45 percent.
Growing the size of government is never the goal of tax cuts, of course. But the deficits predicted by tax cut opponents have not materialized.
Sources: Oklahoma Annual Comprehensive Financial Reports; CPI Inflation Calculator. State revenue data does not include federal funds.
Curtis Shelton
Policy Research Fellow
Curtis Shelton currently serves as a policy research fellow for OCPA with a focus on fiscal policy. Curtis graduated Oklahoma State University in 2016 with a Bachelors of Arts in Finance. Previously, he served as a summer intern at OCPA and spent time as a staff accountant for Sutherland Global Services.