Tax cuts would harm Oklahoma’s economy

Bills the Oklahoma House has passed to cut corporate and individual taxes wouldn’t boost state economic growth or stimulate new business investment as intended. Even if lower taxes were the economic driver the bills’ authors seem to think they are, the state is already well situated from that perspective, and it’s likelier the bills’ drain on revenues would harm Oklahoma’s schools, services and workforce quality and thereby discourage investment .

House Bill 3849 would change how multistate corporations are taxed and let some of them escape all state taxation on some of their profits, HB 3131 would immediately repeal the business franchise tax, and HB 3350 — the costliest of the three — would cut personal income tax rates by one-quarter point in each bracket. Combined they would cost more than $300 million in annual revenue.

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