Furthermore, in the past 10 years, the nine U.S. states with no personal income taxes, on average, doubled Oklahoma in percentage growth of state and local tax revenues.
States with no income taxes rely on consumption-based taxes to fund their governments, as opposed to penalizing their citizens for getting up and going to work each morning. As a result, they tend to have more stable economies than states like Oklahoma.
Repealing the personal income tax is about more than putting money back into taxpayers' pockets. It's about fundamentally transforming and diversifying our economy for the long term.
By removing the burden of the state income tax, we would free up Oklahoma employers and entrepreneurs to keep more of the profits they make, making them more inclined to increase their output and create more jobs.
Job creators from across the country — particularly from high-tax, high-regulatory states like California, Illinois and New York — would also be attracted to our state, bringing new jobs with them.
We need to grow Oklahoma's economy and increase job opportunities for Oklahomans. We need to phase out Oklahoma's personal income tax.
Newell, R-Seminole, represents District 28 in the Oklahoma House.