Budget & Tax

With Oklahoma government spending and savings at record-high levels, it’s time to cut taxes

August 8, 2023

Curtis Shelton

Since the economic downturn in 2020 due to the government-mandated shutdowns, the Oklahoma state government has brought in a record amount of revenue. Between FY 2019 and FY 2023, state revenue collections grew by $1 billion, or 6 percent, when adjusted for inflation. To put that in perspective, in the previous five years (from FY 2014 to FY 2018) state revenue fell by 1.5 percent. Even when accounting for historic levels of inflation, state government revenues have grown at a record pace.

Source: Oklahoma State Treasurer

As state revenues have grown to record levels, personal incomes have fallen. According to the Bureau of Economic Analysis, per capita income in Oklahoma fell by 3.2 percent between the first quarter of 2019 and the first quarter of 2023.

Source: Bureau of Economic Analysis

Tax reform has been discussed at the state Capitol for the last few years. It’s time for it to take center stage. Government spending and savings accounts have reached record levels. It’s time to take care of the people who made it happen.