{"id":2321034,"date":"2024-08-08T09:11:01","date_gmt":"2024-08-08T13:11:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stitt-calls-for-more-tax-cuts-as-revenues-exceeded-expectations-again-washington-examiner\/"},"modified":"2024-08-08T09:15:23","modified_gmt":"2024-08-08T13:15:23","slug":"stitt-calls-for-more-tax-cuts-as-revenues-exceeded-expectations-again-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stitt-calls-for-more-tax-cuts-as-revenues-exceeded-expectations-again-washington-examiner\/","title":{"rendered":"Stitt calls for more tax cuts as revenues exceeded expectations again &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstitt-calls-for-more-tax-cuts-as-revenues-exceeded-expectations-again-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2321034&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Oklahoma Governor Kevin Stitt has called for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gov-abbott-calls-special-session-to-address-taxes-and-border-issues\/\" title=\"Abbott calls special session for tax and border matters.\">additional tax cuts<\/a> following the release \u2062of fiscal year 2024 revenue numbers, which \u2062exceeded expectations. The Office of Management and Enterprise Services\u2062 reported \u200cthat the \u2064General Reserve Fund collections reached $8.5 billion, marking a $177.7 million increase, or 2.1%, over projections. The state\u200b also noted over $262 million deposited into the Revenue \u2064Stabilization Fund and $91 \u2063million\u2063 into the Constitutional \u2062Reserve or \u201cRainy Day\u201d Fund. Stitt emphasized the strength of the Oklahoma economy and the success of \u2064current\u200b fiscal policies, advocating for reductions\u2063 in corporate and personal income\u2063 tax rates to \u2064foster further business growth and \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cia-sends-message-to-take-havana-syndrome-seriously\/\" title=\"CIA sends message to take \u2018Havana syndrome\u2019 seriously\">provide financial relief<\/a> to taxpayers. He believes that maintaining strong reserves positions the state well for economic success.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Stitt calls for more tax cuts as revenues exceeded expectations again<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1725552\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Oklahoma Gov. Kevin Stitt praised the fiscal year 2024 revenue numbers released Wednesday and called for more tax cuts.<\/p>\n<p>The Office of Management and Enterprise Services said General Reserve Fund collections were $8.5 billion for fiscal year 2024, up $177.7 million or 2.1% above this year&rsquo;s estimate.<\/p>\n<p>The state received more than $262.2 million in deposits for the Revenue Stabilization Fund and $91.3 million for the Constitutional Reserve or &ldquo;Rainy Day&rdquo; Fund, according to an OMES news release.<\/p>\n<p>&ldquo;Oklahoma&rsquo;s economy is strong, our fiscal policies are working, and I&rsquo;m pleased that revenue exceeded expectations this year,&rdquo; Stitt said in a statement to The Center Square. &ldquo;But to kick our economy into overdrive, we have to cut our corporate and personal income tax rates to encourage even more business growth and to put more money in the pockets of taxpayers. With our strong reserves and deposits into state savings, we&rsquo;re setting our state up for success. All boats rise when our economy is up and taxes are down.&rdquo;<\/p>\n<p>The Oklahoma Legislature eliminated the state tax portion on food during the 2024 session. Stitt and members of the House of Representatives wanted an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">income tax cut<\/a> but couldn&rsquo;t get it through the Senate.<\/p>\n<p>Stitt&rsquo;s proposal would have eliminated income taxes for Oklahomans earning less than $27,100 a year, which Stitt said would return $300 million to the taxpayers.<\/p>\n<p>During heated budget negotiations in May, Senate Pro Tem Greg Treat said lawmakers passed tax cuts and stood by their position not to enact more.<\/p>\n<p>&ldquo;Governor, two years ago we put up a tax cut for a quarter point. We put a reduction in the corporate income tax by 2%. We reduced the in lieu of tax for banks at 2%. We&rsquo;ve eliminated the franchise tax. We&rsquo;ve eliminated the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/colorado-penalizes-marriage-in-new-tax-bill\/\" title=\"Colorado Penalizes Marriage in New Tax Bill\">marriage penalty tax<\/a>. We&rsquo;ve given parental choice and gave a huge tax break there. We have given the largest tax cut 75 days ago you signed into law. It will go effective at the end of August. Our record in the Senate is clear. So if my members go to the door and say they&rsquo;re for less taxes, they have a record to prove it,&rdquo; Treat said.<\/p>\n<p>Treat, who is term-limited, will not return to the Senate for the 2025 session. Sen. Lonnie Paxton, R-Tuttle, was chosen by the Republican caucus after the initial designees, Sen. Greg McCortney, R-Ada, lost his primary election.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1725552\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1725552\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oklahoma Governor Kevin Stitt has expressed his approval of the fiscal year 2024 revenue figures released on Wednesday and is advocating for additional tax cuts. According to the Office of Management and Enterprise Services, collections for the General Reserve Fund reached $8.5 billion, which is an increase of $177.7 million or 2.1% above this year&#8217;s projections. The state also received over $262.2 million for the Revenue Stabilization Fund and $91.3 million for the Constitutional Reserve or &#8220;Rainy Day&#8221; Fund, as stated in an OMES news release.<\/p>\n<p>Stitt remarked, &#8220;Oklahoma&#8217;s economy is robust, our fiscal strategies are effective, and I&#8217;m delighted that revenue has surpassed expectations this year.&#8221; He emphasized that to further stimulate economic growth, it\u2019s essential to reduce corporate and personal income tax rates to foster business expansion and provide taxpayers with more disposable income. With strong reserves and contributions to state savings, he believes Oklahoma is positioned for success: &#8220;When our economy thrives and taxes decrease, everyone benefits.&#8221;<\/p>\n<p>During the 2024 legislative session, Oklahoma lawmakers removed the state tax on food; however, while Stitt sought an income tax reduction\u2014specifically eliminating it for individuals earning under $27,100 annually\u2014this proposal did not pass in the Senate despite support from some House members.<\/p>\n<p>In May&#8217;s budget discussions marked by tension, Senate Pro Tem Greg Treat highlighted previous tax reductions enacted by lawmakers but maintained their stance against further cuts at this time: \u201cGovernor,\u201d he said during negotiations two years ago we approved a quarter-point tax cut along with a 2% reduction in corporate income taxes.\u201d Treat noted various other significant tax reforms made recently but reiterated that their record demonstrates commitment to lowering taxes.<\/p>\n<p>As Treat approaches his term limit without plans to return in 2025 session after losing a primary election earlier this year; Sen. Lonnie Paxton from Tuttle was selected by Republicans as his successor following these developments<\/p>\n","protected":false},"author":1,"featured_media":2321035,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/01\/4-12-kevin-stitt-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[19346,28758,37525],"class_list":["post-2321034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-revenues","tag-stitt","tag-tax-cuts"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/01\/4-12-kevin-stitt-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2321034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2321034"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2321034\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2321035"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2321034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2321034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2321034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}