Under pressure

How Oklahomans would fare with the Congressional GOP tax plan

A new analysis of the Congressional GOP tax plan reveals that in Oklahoma, the wealthiest 1 percent would receive the greatest share of the total tax cut in year one, and their share would grow through 2027. The value of the tax cut would decline over time for every income group in Oklahoma except the very richest.

Republican Congress members are trying to sell this tax proposal, which will increase the federal deficit by $1.5 trillion over the next decade, as a plan to boost the middle class. But a closer examination reveals that the bill is laser-focused on tax cuts for the nation’s highest-earning households. The wealthiest Oklahomans’ share of the tax cuts would grow over time due to phase-ins of cuts that mostly benefit the rich and the eventual elimination or erosion of provisions that benefit low- and middle-income taxpayers.

Gene Perry is Policy Director of Oklahoma Policy Institute. Find the rest of this article and more, at okpolicy.org.