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SMALL BUSINESS NEWS

1 Mar 2013

 

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The Push To Lower Taxes In Oklahoma

Oklahoma governor Mary Fallin is determined to lower taxes in Oklahoma.  She is proposing that the current individual tax rate be lowered from 5.25 percent to 5 percent.  She wants to make Oklahoma competitive tax wise with neighboring states such as Texas, Arkansas, Kansas and Missouri. 

Oklahoma currently has a top corporate income tax rate of 6 percent and a top individual income tax rate of 5.25 percent.  In comparison the top corporate and individual rates for neighboring states are as follows:

State                     Corporate           Individual
Texas                    0%                          0%
Arkansas              6.5%                      7%
Kansas                  7%                          6.45%
Missouri               6.25%                    6%

She first proposed lowering the tax rate last year but it did not win the approval of the legislature.  She has vow to continue pushing the proposal until it becomes successful.

Sources:
OK Governor Press Release


By Owen Daniels

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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