Oklahoma first levied an individual income tax in 1913 and has made many since. This is at best a minor concern in Oklahoma, where the top tax rate is 5.0 percent of income after deductions. Some argue that income taxes discourage work, savings and investing by taxing earnings.Deductions and credits make the tax complicated for many taxpayers and make individuals with the same income often pay different tax amounts.it can generate substantial revenue at a low rate since total income levels are so high.it is vertically equitable up to a certain level, the share of taxes increases as a share of the taxpayer’s income grows faster than the general level of economic growth and.The individual income tax is particularly important to funding state services, since it contributes about one-third of the state’s General Revenue Fund revenue. This made up 22 percent of all state and local tax revenue. Overall revenue from this tax in 2016 was over $2.9 billion. ![]() Unlike in some states, where cities can levy an income tax, in Oklahoma only the state government collects an income tax. ![]() The individual income tax is the single largest source of revenue for state government. ‹‹ Go back to Oklahoma’s Major Taxes | Go on to Corporate Income Tax ››
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