The state of Oklahoma has too much money and in his State of the State address, Gov. Kevin Stitt proposed three tax cuts to give some of the money back.
1. Eliminate the sales tax on groceries. Oklahoma is one of only 12 states that still has a tax on groceries. An average household of three spends $216 a year on sales tax on groceries.
2. Reduce personal income tax. Stitt called for a reduction of 0.76% in the individual tax rate.
3. Reduce the state’s corporate income tax by 0.75%. The current rate is 4%, one of the lowest in the country.