Mixed signals with November tax collections
Oklahoma’s November tax collections contained both good news and warning signs.
Sales tax collections for the month were 8.4 percent higher than the prior year; motor vehicles tax collections were 2.2 percent higher. Both figures are signs of continuing consumer confidence in Oklahoma. On the downside, low energy prices made gross production taxes nonexistent and individual income tax collections were down 5.4 percent.
Secretary of Finance Preston Doerflinger noted total collections for the fiscal year to date are $33 million above the estimate. Still, he warned that if the federal government goes over the “fiscal cliff,” it could have dramatic impact on the state economy.
The governor’s office is drafting a state budget responsibly prepared for federal cuts of $137 million to $200 million. Oklahoma’s economy is faring well, but warning signs are on the horizon, and haphazard federal fiscal policy could easily plunge us back into recession. Stay tuned.
Message Sent Successfully
Be Sure to Check Out Our Top Headlines
- 18441Oklahoma baseball: Joe Simpson 'thrilled' that Sunny Golloway left OU
- 17118OKC Central: Architectural "Worsts"
- 13848Classen School of Advanced Studies valedictorian disappears while hiking with family in Ecuador
- 11264Oklahoma storms: Profile of Life: Megan and Case Futrell
- 9500Was Special Treatment Given in Oklahoma Vice Mayor DUI Traffic Stop?
- 7869Live blog: "The Voice" Season 4 live finale
- 7538Two teacher programs at Oklahoma universities called ineffective
- 7363Oklahoma State football: Mike Gundy lifts Wes Lunt restrictions, but too late
- 7128Red meat might be delicious, but not as nutritious
- 6380Train engineer's vision problems led to deadly Oklahoma wreck, NTSB rules
Back to share with a friend form.
Add More Recipients