BY STATE SEN. MIKE MAZZEI | Published: March 3, 2013
In 1986, President Ronald Reagan transformed the U.S. tax code by eliminating loopholes and lowering taxes for all taxpayers. In doing so, he fueled a wave of economic growth and job creation. In 2013, Oklahoma Senate Republicans are trying to do the same here.
We have three primary goals for tax reform:
- Reduce rates for hard-working Oklahomans.
- Increase economic activity and job growth.
- Responsibly fund core services like education.
When Reagan reformed the tax code, some individuals and entities did pay more because he was willing to tackle exemptions. Real-world experience shows quite clearly that tax policy is best when rates are low and exemptions are few. It is under these conditions that economies and job growth have always thrived.
By lowering the top state personal income tax rate to 4.75 percent, Senate Bill 585 would save taxpayers approximately $119 million in 2015 and $132 million in 2016. Under our proposal, 90 percent of Oklahoma taxpayers would see a tax cut or no change at all in the taxes they already pay.