Many people are beginning to wrap their minds around the House Republicans’ proposed destination-based cash-flow tax and what it means for tax reform. Most people are still looking into the tax’s impacts on trade and how...
The facts on Oklahoma’s Tax Climate
5%Individual Income TaxTop rate
6%Corporate Income TaxFlat rate
$595Property Tax CollectionsPer Capita
Oklahoma's Individual Income Tax System
Oklahoma's individual income tax system consists of six brackets with a top rate of 5%. The top rate ranks 29th highest among states levying an individual income tax. Oklahoma's state and local tax collections per person were $757 in 2013, which ranked 35th highest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
Oklahoma's Corporate Income Tax System
Oklahoma's corporate income tax system consists of a flat rate of 6%. That rate ranks 32nd highest among states levying a corporate income tax. Oklahoma's state and local corporate income tax collections per person were $152 in 2013 which ranked 19th highest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
Oklahoma Sales and Excise Taxes
Oklahoma levies a 4.5% general sales or use tax on consumers, which is below the national median of 5.95%. The average local sales tax rate is an additional 4.3%. Oklahoma's state and local governments collect $1,171 per person in general sales taxes and $396 per person in excise taxes, for a combined figure of $1,567, which ranks 22nd highest nationally. Oklahoma's gasoline tax stands at 17 cents per gallon, 47th highest nationally, while its cigarette tax stands at $1.03, 32nd highest nationally.
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
Oklahoma Property Tax Collections Relatively Low
Oklahoma's state and local governments collected approximately $595 per person in property taxes in 2013, which ranks 49th nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on April 11th in Oklahoma
Tax Freedom Day is the day when Americans have finally earned enough money to pay off their total tax bill for the year. In 2016, Oklahoma taxpayers have to work until April 11th (8th earliest nationally) to pay their total tax bill.
Oklahoma's State and Local Tax Burden Ranks 40th
Oklahoma's 2012 tax burden of 8.6% ranks 40th highest in the nation, and is below the national average of 9.9%. Oklahoma's taxpayers pay $3,515 per capita in state and local taxes.
Oklahoma's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
Oklahoma's 2016 Business Tax Climate Index Ranks 33rd
Oklahoma ranks 33rd on the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes (8th), individual income taxes (40th), sales taxes (38th), unemployment insurance taxes (1st), and taxes on property (18th), including residential and commercial property.
State Business Tax Climate Index (full study)
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