While OPEA certainly agrees that Oklahoma must raise revenue to adequately fund core state services, one of the proposed revenue measures causes great concern for OPEA members. Last week, the Joint Committee on Appropriations and Budget gave a do pass recommendation to SB 1604 to reduce the earned income tax credit, which helps more than 300,000 Oklahomans, including state employees. OPEA believes other revenue options are available that wouldn’t hurt lower-income working families. Those measures include:
· repealing the latest income tax cut for the wealthiest Oklahomans;
· adopting combined reporting of corporate profits
· ending the double deduction for state income taxes
Implementation of these measures would not adversely impact lower-income working Oklahomans like SB 1604 would and it would provide significant additional revenue. OPEA urges state sentators to vote no on SB1604 that would increase financial hardship on low-income working Oklahomans.