Holt wants to cut income taxes over 20 years
By: Marie Price The Journal Record
OKLAHOMA CITY – State Sen. David Holt wants lawmakers to consider a long-term income-tax reduction plan. For the fifth year in a row, he is proposing a tax cut, this time to 3 percent over several years, but he acknowledges the effort may be aspirational because of tax cuts already on the books.
“I believe that our income tax rate continues to be relatively high,” said Holt, R-Oklahoma City, on Monday.
This year, Holt filed Senate Bill 169, which calls for reducing the top marginal personal income tax rate by 0.1 percent each year until it reaches 3 percent in tax year 2036.
“It is indisputable that those states with low income tax rates, and particularly those with no income tax, are doing very, very well in the competition that we have across our country, for citizens and for wealth,” Holt said. “Money and people are moving to states that don’t have an income tax.”
The top rate is now 5 percent, having dropped from 5.25 percent due to legislation approved last year. If a revenue growth trigger is met, the rate will fall to 4.85 percent in 2018.