Poll Supports Holt's Income Tax Reduction
|Senator David Holt|
SoonerPoll.com and the Oklahoma Council of Public Affairs released an independent, scientific, statewide poll on Friday that shows Oklahomans want the Legislature to lower the income tax and boost Oklahoma’s economy as a result.
According to the poll of 508 likely voters, 49.8 percent of Oklahomans support Holt’s proposal, with only 37.4 percent opposed to lowering the income tax rate. The remaining 12.8 percent of those polled were undecided. Among Republicans, support rose to 54.9 percent.
“The fact is, reducing our state income tax would give us a greater competitive edge for attracting business, and the time to do this is now,” said Holt, R-Oklahoma City. “This poll tells us that Oklahomans understand that and they support this legislation.”
The new survey follows OCPA’s endorsement last week of Holt’s proposed 4.25 percent rate.
Holt’s bill would lower the state's income tax rate by one percentage point, at a pace of one-tenth of one percent each year for the next decade. The reduction would likely begin January 1, 2013; one year after the currently pending cut from 5.5 to 5.25 percent is implemented.
At the conclusion of Holt’s proposed cuts, the state income tax rate would be 4.25 percent.
Holt said he would also welcome an acceleration of the proposed cuts.
“I’m open to any proposal that includes scheduling more reductions in the state’s income tax rate. What’s important is that we continue to make our rate more competitive,” Holt said.
“With the last scheduled cut less than a year away, I think now is the time to send a message to the people of Oklahoma and the job creators of America.”
SB 70 is awaiting consideration by the Senate Finance Committee.
To read more about the poll, go to http://soonerpoll.com/oklahomans-favor-reducing-state-income-taxes/.