It's expected to cost the state about $40 million in revenue for the 2014 fiscal year, which starts July 1, and about $120 million when it is fully implemented in the 2015 fiscal year.
“It is important that Oklahomans hold on to more of their hard-earned tax money,” said House Speaker T.W. Shannon, R-Lawton, the bill's author. “People with more money in their pockets either save, invest or spend those dollars. This is good for the economy and previous income tax cuts have sparked record revenues and prosperous growth here in Oklahoma.”
House Minority Leader Scott Inman, D-Del City, said the state has too many pressing needs to afford an income-tax cut. He said about 40 percent of Oklahoma taxpayers would see no tax savings and the average savings would be about $76 a year.
He said Oklahomans would much prefer money going to improve public schools, roads and bridges and salaries of Oklahoma Highway Patrol troopers and correctional officers.
“If you think giving families back $7 a month, $77 a year, somehow is going to change their buying habits to make this economic engine run, you're fooling yourself,” Inman said.
“The taxpayers would much rather you educate children, pave roads and bridges, take care of health care and make sure for crying out loud you keep our people safe.”