Will Local Taxes Increase After the State’s Elimination?
Oklahoma’s Grocery Tax Elimination: What You Need to Know
According to Oklahomavoice, As of August 29, Oklahomans will enjoy a significant reduction in their food bill as the state’s 4.5% sales tax on groceries is eliminated. This change is expected to bring relief to families, especially those earning lower incomes. According to the Oklahoma Policy Institute, a family earning $40,000 a year will save around $125, while those earning more than $619,000 will save approximately $408 a year.
While this change may seem like a welcome reprieve, it’s essential to note that local taxes will still be in effect. Cities and counties can still impose their own sales taxes, which could potentially increase. However, experts believe that this is unlikely to happen on a large scale. The state’s elimination of the grocery tax is expected to result in a decline of around $370 million in state revenues.
Food for Thought: Oklahoma’s Grocery Tax Elimination Brings Relief to Families (PHOTO: GOOGLE)
Grocery Tax Relief: Who Benefits and By How Much?
The idea to eliminate the grocery tax was championed by Governor Kevin Stitt and House Speaker Charles McCall, who aimed to provide relief to families struggling with inflation. Although they initially sought additional cuts, such as an income tax reduction, it failed to garner sufficient support in the Senate. Nevertheless, the elimination of the grocery tax is expected to benefit many Oklahomans, making their daily purchases more affordable.
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