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Depressed gross production tax revenue was largely responsible for total general fund revenues dropping in December by 2.5 percent, despite record sales tax collections and the income tax gains. Taken as a whole, the latest numbers show Oklahoma's economy remains vibrant but not necessarily healthy enough — yet — to justify a significant personal income tax cut.
Cash registers signal spending surge in Oklahoma
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As was true a year ago, we urge caution in restructuring income tax rates.
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