Sen. Sharp says income tax cut plan includes reforms to improve education funding

OKLAHOMA CITY – Long-time educator Sen. Ron Sharp praised passage of legislation Monday that will help increase funding for education and other important state services.  The Shawnee Republican said Senate Bill 585 is a win-win for all Oklahomans including students, taxpayers and businesses. 

“As a 38-year teacher, I’m dedicated to ensuring that education is properly funded and that our students receive the best possible education.  The students we educate today will be tomorrow’s taxpayers, and this bill is a step in improving education and investing in our state’s future,” said Sharp.  “Some think that in order to cut taxes, funding to state services, like education, must be reduced but this isn’t true.  By reforming the tax code and lowering the income tax, we can actually increase funding to education and other state services.”

Sharp noted that lowering the income tax will have multiple benefits for Oklahoma citizens and businesses. 

“Lowering the income tax will help attract more businesses and jobs to the state increasing the tax base, which will ultimately create more revenues for education and other vital state services,” said Sharp.  “Increasing funding to education will result in a better educated population leading to even higher tax revenues when those individuals qualify for higher paying jobs or begin their own businesses.  This is a win-win proposal for Oklahomans, and I’m pleased that it was approved by the Senate.”

SB 585 will reduce the state income tax rate from 5.25 percent to 4.75 percent by tax year 2015.