Oklahoma Gov. Kevin Stitt just got some added fuel in his effort to convince state legislators to do something about lowering taxes.
Oklahoma’s economic outlook ranks 5th best in the nation in a new scorecard announced by the American Legislative Exchange Council.
Number one honors went to Utah for the 14th consecutive year as declared in the report entitled “Rich States, Poor States.”
“Low and flat taxation, no unfunded pension problems (the opposite of Illinois), light regulation, and a right to work law make Utah an ideal destination for business, capital and families,” according to the report.
The report ranked Oklahoma 5th in the nation for its economic outlook. It was based on Oklahoma’s standing in 15 important state policy variables including personal and corporate income tax rates, property tax burden, sales tax burden, right to work, and tax expenditure limits.
In his state of the state address in February, Gov. Stitt urged legislators to eliminate Oklahoma’s 4.5% sales tax on groceries.
He also called for a 0.76% reduction in the state’s individual income tax rate and a cut in the corporate tax rate by 0.75%.