Oklahoma Tax Collections Rise, Spending Still Weak

Income Taxes Lift State Revenues

Oklahoma’s latest revenue report shows a mixed economic picture. The State Treasurer’s Office reported total tax collections of $1.5 billion last month, about $5 million higher than the same time last year. The increase was largely driven by income tax receipts, one of the taxes Governor Kevin Stitt wants to eliminate.

Sales Tax Collections Decline

Despite the overall gain, the report also revealed a troubling sign — sales tax revenues dropped by $463 million, signaling that consumers are spending less. Economists say rising household debt and inflation are forcing many Oklahomans to cut back.

Financial analysts also note that higher-income households continue to sustain much of the economy, while middle-class families struggle to manage costs. If the spending slowdown continues, it could dampen growth and affect state budgets in the months ahead.

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