On behalf of National Taxpayers Union’s (NTU’s) more than 4,700 members in Oklahoma, I urge you to support House Bill 2032 (HB 2032), which would lower the personal income tax rate from 5.25 to 5 percent for those making at least $8,700 per year. This plan, proposed by Governor Fallin and supported by Speaker Shannon, would allow the vast majority of Oklahomans to take home more of their heard-earned pay.
With nearby Louisiana seeking to completely eliminate income taxes, it is critical for Oklahoma to make more progress toward a lower rate, since we know that individuals and businesses vote with their feet and will move to states that offer the most prosperous environments. The Fallin-Shannon cut would give citizens more opportunities and keep small businesses competitive.
As House Speaker T.W. Shannon has stated, “It is important that Oklahomans hold on to more of their hard-earned tax money. 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.”
Governor Fallin and Speaker Shannon’s straightforward income tax cut would provide much-needed relief to families struggling with the rising costs of health care, education, and other necessities. The Oklahoma Senate would be wise to continue the previous tax-cutting efforts that have recently benefitted the Sooner State. As such, I encourage you to vote “yes” on HB 2032.Sincerely,Lee SchalkState Government Affairs Manager