Lawmakers discuss bill that would condense tax brackets for Oklahomans

OKLAHOMA CITY (KFOR) — A new bill authored by Republican Senator Dave Rader of Tulsa passed committee this week.

He says the bill will help lower income Oklahomans by adjusting the tax brackets and raising the standard deduction.

The State Chamber of Commerce supports the legislation.

"It simplifies Oklahoma's tax code, It makes it fair. It's not a disincentive to make more because the more you earn in Oklahoma, the more you pay in taxes," said Chad Warmington, CEO of the State Chamber of Commerce.

Supporters of the bill say it will also help recruit companies to our state.

Warmington said, "We have a progressive tax rate right now where there are six different tax brackets. This would collapse it to one."

In the committee meeting, Senator Rader said, "Inflation has returned as rendered Oklahoma's marginal income brackets to insignificant levels, so this measure eliminates them and raises the standard deduction in their place."

The bill passed in an 8-3 vote, but not before pushback and serious questions from other lawmakers.

Republican Senator Shane Jett from Shawnee was one of the three lawmakers to vote no.

He and others against the bill expressed wanting lower taxes. Some leaders say they believe Oklahomans want relief and a break from inflation.

"At the end of the day, raising the lowest possible brackets of the taxes up to the highest possible tax bracket is a bad look, especially in the environment where our constituents are looking at us to bring relief," said Sen. Jett.