With just over a week until the end of the regular legislative session, some lawmakers have proposed massive tax increases, including a plan to cap personal itemized deductions that would dramatically increase personal income taxes on many Oklahoma families and small businesses.
OCPA released today a budget plan to fill Oklahoma’s $878 million budget gap and give teachers a pay raise—while respecting and protecting Oklahoma families and their own budgets.
The balanced budget plan proposed by OCPA includes more than $1.3 billion in savings—including items from OCPA’s “Freedom Agenda” published in January and “First Steps” list released in February—and $337 million in tax increases, including an increase in the tax on gasoline and diesel, a 67-cent per pack cigarette tax increase, and a wind production tax. Together, the lower spending and increased taxes add up to nearly $1.7 billion.
This budget plan would fully fund a $1,000 teacher pay raise for K-12 public school teachers as well as the elimination of personal income tax for classroom teachers. Base pay and income tax are the main reasons cited by teachers that leave Oklahoma for states like Texas.
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Related story via Sooner Politics here.