Last week, state Treasurer Ken Miller announced gross total tax receipts for the State of Oklahoma for Fiscal Year 2014, which ended June 30.
Tax collections totaled $11.7 billion, which, as projected by the Oklahoma Council of Public Affairs, sets a new all-time record for the state. Collections grew $469 million, or 4 percent, over the previous fiscal year. This marks the third year in a row Oklahoma’s tax collections have set record highs.
As Miller states, “Gross receipts to the treasury, a good snapshot of our state’s productivity, incomes and consumption, are higher than ever before.”
While this means lawmakers will have more money to spend, it also would seem to demonstrate that the series of gradual reductions in Oklahoma’s personal income tax rate implemented from 2005 through 2012 has not depleted funds for schools, roads, bridges or public safety. Rather, one could potentially conclude income tax reductions have helped grow Oklahoma’s economic pie.
As well, recent analysis indicates available funds per pupil in Oklahoma public schools are also at an all-time high.