Taxation in Oklahoma takes many forms. Individuals and corporations in Oklahoma are required to pay taxes or fee charges to both levels of government: state and local. Taxes are collected by the government to support the provisions of public services. The Oklahoma Constitution vested the authority to levy taxes with the Oklahoma Legislature while the Oklahoma Tax Commission is the primary Executive agency responsible for collecting taxes.
The most significant forms of taxation are income tax, sales tax, excise taxes, and property tax.
Video Taxation in Oklahoma
State Taxation
Income Taxes
Taxes based on income are imposed at the State level, both on individuals and corporations. Oklahoma first enacted an individual income tax in 1915 and then a corporate income tax in 1931. Income taxes are steadily increased as a major State revenue source since 1933 when the Oklahoma Constitution was amended to prohibit State-level taxation of property.
Income taxes are now the largest source of revenue for the State government, accounting for approximately 36% of total state revenue.
Tax Rate
Individuals
Oklahoma has adopted a progressive income tax for individuals, in which the tax rate increases as the amount of personal income increase:
Source of article : Wikipedia
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