Most Oklahomans Will See More Money on Their Paychecks In 2022
Beverly Cantrell - December 30, 2021 11:35 pm
OKLAHOMA CITY —
Beginning Jan. 1, almost everyone in Oklahoma will notice more money on their checks thanks to a personal income tax cut approved by lawmakers in 2021.
For most Oklahomans, the individual tax rate will drop from 5% to 4.75%, which translates to about $150 on average in tax relief. Gov. Kevin Stitt praised the move when he signed it earlier this year.
“I’m very, very pleased with how this budget came out, came together,” Stitt said.
The governor also signed a bill to slash corporate tax from 6% to 4%.
Republicans say the cuts will stimulate growth and add money to people’s wallets when they need it most. Democrats are concerned, in part, because in Oklahoma, it’s very difficult to go back on these kinds of tax cuts.