Budget & Tax

Oklahoma revenues rose as tax rate fell

February 29, 2024

Curtis Shelton

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.