Oklahoma Lawmaker Proposes Millionaire Tax for Education
- mike33692
- 2 hours ago
- 1 min read
An Oklahoma millionaire tax proposal is drawing attention at the Capitol as lawmakers begin filing bills ahead of the upcoming legislative session.
Representative Andy Fugate has introduced legislation that would create an additional income tax for Oklahoma residents earning more than one million dollars annually, with the revenue dedicated to improving education funding.
How the Oklahoma Millionaire Tax Would Work
Under the proposal, individuals with net income exceeding one million dollars would pay an additional two percent in state income tax. Fugate says the funds generated would be directed toward low-performing public schools, with the goal of addressing achievement gaps and resource shortages.
The plan mirrors a similar approach approved by voters in Massachusetts, where a so-called “millionaire tax” has been used to increase funding for education initiatives.
Supporters Say Education Needs New Funding Sources
Supporters argue Oklahoma schools continue to struggle with staffing shortages, aging facilities, and limited classroom resources. They say relying on high-income earners could provide targeted funding without raising taxes on most residents.
Critics are expected to raise concerns about tax competitiveness and whether higher-income individuals could relocate to avoid the added tax burden.
The proposal will be considered during the upcoming legislative session, which begins in February.