By Jonathan Small and Dave Bond
From 2004 through 2009, Oklahoma’s personal income tax – the amount the state penalizes citizens and job creators for the right to earn a living – was lowered more than 20 percent. Over this period of time, the top marginal rate dropped, in a series of four reductions, from 7.00 percent to 5.50 percent.
With each drop in the rate, many individuals and organizations in favor of higher government spending worked against the income tax cuts. They claimed income tax cuts would result in less revenue for state government programs. Even the Oklahoma Tax Commission estimated, with each new income tax cut, that the state would see a loss in revenue.
What actually transpired…