Oklahoma Fiscal Outlook - March 2012

8/2/2019 Oklahoma Fiscal Outlook - March 2012

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Ok lahom as Fisc a l Out look :The Per i lous Pat h Ahead

Updated March 30, 2012

David Bla t t

Oklahoma Policy I nst it ut [email protected] - (918) 794-3944
mailto:[email protected]:[email protected]


2/45

Ok lahomas Pat h t o Prosper it y

What does Ok lahoma need t obe a prosperous s ta t e?


3/45


What Prosper i t y Looks L ike Good-paying j obs;

Well-educated, w ell-t rained w orkforce -

Qualit y education system f rom early childhood t o

post-secondary; More college graduat es;

Well-functioning infrastr uctur e;

Healthy comm unit ies -

Access to t imely and affordable care;

Publ ic health;

Safe st reet s;

Stable safety net for those in need.


4/45

Ok lahom as Pat h t o Prosper it y

We Lag BehindWe fall short in many of our comm on goals as astate:

Students in the bottom 1/3rd in reading and match proficiency(2009);

43rd

in the share of the population with a college degree (22.2percent, 2008)

46th in overall health; bottom 10 states in smoking, obesity,diabetes rate, job-related deaths, premature deaths, infantmortality, and days lost to mental and physical illness (2011);

1 in 6 Oklahomans live in poverty (16.9 percent) and 1 in 4

children (24.5 percent) (2010);

4th in total prisoners per capita and 1st in female incarcerationrates (2009);

9th worst road conditions.


5/45


Were In T his Toget her Successfu l out comes for our fam il ies, businesses and

comm unit ies depend on effective publi c st ructu res andsystems

Governm ent is among our means of achieving our

common goals as a state alongside private businesses,non-profit s, philanthropies, faith gr oups, and fam ilies


6/45


We Already Lag Behind Oklahoma invests less t han most states in ourpublic st ructures.

-$1,000

$1,000

$3,000

$5,000

$7,000

$9,000

Spending

perPerson

State and Local Spending per Person by Function, 2007-08

Oklahoma

US Average

Source: U.S. Bureauof the Census


7/45


We Already Lag Behind The ongoing stat e budget crisis t hreatens aserious and long-t erm corrosion of our publicst ructures t hat w il l w eaken our prosperit y

Can w e provide a quality education f or all

students and produce the skilled w orkf orcethat our economy w ill require?

Can w e fix our crumbling inf rast ructure?

Can w e improve our physical healt h and w ell-

being? Can w e ensure t he safety of vu lnerable

children and seniors left in our care?


8/45

Budget Trends: FY 10 FY 12


9/45

Budget Trends : FY 10 FY 12

The Recession Hit in Late 2008 Oklahoma experienced six straight quart ers of negat ive grow th

(declining stat e personal income) in lat e 2008 2009;

Economy grow ing faster than the nations since start of 2010.

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

2007.4 2008.2 2008.4 2009.2 2009.4 2010.2 2010.4 2011.2

% Change from PriorQuarter

Quarterly Change in Personal Income,Oklahoma and National,

4th Quarter 2007 to 3rd Quarter 2011

U.S. Oklahoma


10/45


State Budgets Hammered

All but four st ates faced budget short falls in FY 11.


11/45


Its a Revenue Problem Five consecut ive quar ters of w orsening collect ions;

Revenue dropped more than tw ice as steeply as dur ingthe last dow nturn;

Revenues recovering over past eight quart ers.

-12.1%

-29.5%

16.1%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

Q1

FY

'02

Q3

FY

'02

Q1

FY

'03

Q3

FY

'03

Q1

FY

'04

Q3

FY

'04

Q1

FY

'05

Q3

FY

'05

Q1

FY

'06

Q3

FY

'06

Q1

FY

'07

Q3

FY

'07

Q1

FY

'08

Q3

FY

'08

Q1

FY

'09

Q3

FY

'09

Q1

FY

'10

Q3

FY

'10

Q1

FY

'11

Q3

FY

11

Q1

FY

12

Quarterly Year-over-Year Change in General Revenue Collections,

FY '02 - FY '12


12/45


Its a Revenue Problem FY 10 General Revenue 23 percent below pre-dow nt urn (FY

08) levels;

Revenues increased by 10 .5 percent in FY 11 but rem ained 16.5percent below FY 08.

4,7174,408

4,1744,616

4,966

5,7015,935 5,953

5,544

4,621

5,138

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

FY '01 FY '02 FY '03 FY '04 FY '05 FY '06 FY '07 FY '08 FY '09 FY '10 FY '11

Annual General Revenue Collections,FY '01 - FY '11 (in $ Millions)


13/45


Budgeting Through the Crisis Budgets for each of the past three years (FY 10, FY 11 & FY12) have been successive variations of a sim ilar t heme:

Large short falls in p roj ected revenues;

Fear of devastating budget cuts;

Use of non-r ecurr ing r evenues to part ly br idge the budget gap;

Budget cut s across stat e government but less severe for coreeducation , healt h, human service, public safet y agencies.


14/45


Budgeting Through the Crisis FY 12 appropriations of $6.603 bill ion:

Three consecutive years of declining appropriat ions;

$163 m illion, 2.4 percent , below FY 11;

$522 m illion, 7.3 percent , below FY 09;

$157 m illion, 2.3 percent below FY 07.

See FY 12 Budget Highlights at:http://okpolicy.org/fy-2012-budget-highlights

$6,217$6,760

$7,043 $7,095$6,590

$5,897 $5,938$6,404

$3 0$641

$838$554

$99

$224$273 $100

$4,000

$4,500

$5,000$5,500

$6,000

$6,500

$7,000

$7,500

FY'06 FY'07 FY'08 FY'09 FY'10 -

In i t i a l

FY '10 -

Final

FY '11 FY '12

Stat e Appropr iat ions, FY '06- FY '12

( in $ Mil l i ons, inc l udes supplement als, excludes Rainy Day "spi l lover" funds)

St at e Revenues Federa l Re l ie f Rainy Day Fund

Total=

$6,603


15/45


Budgeting Through the Crisis Governor s Henry and Fallin and the Legislatur e used variousrevenue enhancements t o help bridge budget short falls and reducethe severit y of cuts;

Most new revenues w ere one-t ime/ non-recurr ing;

Totaled close to $3 bi llion over 3 years, including:

Federal

stimulus

funds,

$1,491

Rainy Day

Funds, $597 Transfers

from State

Funds, $525

Suspension

and deferral

of tax credits,

$129

Tax

compliance

efforts, $154Fee

increases,

$34Other

measures,

$59

Revenue Enhancements, FY '10 - FY 12 (in $millions)

Total:

$2,988

Federal funds from t hestim ulus bil l (~ $1.5bil l ion);

State Rainy Day Fund($597 mil l ion);

Cash transfers from

various funds ($525mill ion);

Enhanced taxcompliance ($154mill ion);

Suspending anddeferral of t ax credits($129 mil l ion).


16/45


Budgeting Through the Crisis 90 percent of appropriat ions consist ently goes to 10 agenciest hat provide core services;

Over 65 agencies share remaining 11 percent of f unding

Common Ed.; $2,278 ;35.0%

Higher Ed.; $945 ;14.5%

OHCA (Medicaid);$983 ; 15.1%

DHS; $537 ; 8.3% Corrections; $460 ;7.1%Transportation; $107 ;1.6%

Mental Health; $187 ;2.9%Career Tech; $134 ;2.1%

Juv. Affairs; $96 ; 1.5%Public Safety; $85 ;1.3%ll Other Agencies;$699 ; 10.7%

FY '12 Appropriations: Total and 10 Largest Agencies (excludes supplementals)

TotalAppropriations:

$6,510.5 million

Total Ten Largest:

$5,811.9; 89.2%

Notes:

Transportation also received $70 from

bond issue;

OHCA excludes revenue from hospital

provider assessmber (SHOPP)


17/45


Budgeting Through the Crisis Almost every agency has absorbed repeated and signi fi cant cutsover past t hree years;

Some 40 agencies more than half of all appr opriated agencies have absorbed cuts of greater t han 20 percent since FY 09;

Cut s to some key health, human servi ce, education and public

safet y agencies have been less severe:

Mental Health -12.7% ; DPS -12.6% ; Higher Ed -9.1% ;Corrections -8.6% ; Comm on Education -7.9% ; DHS -3.9% ;OHCA + 12.7%

No agencies have been funded to cover r ising operat ing andemployee benefit costs over t he past t hree years;

Budget cut s and funding short falls cont inue to impact Oklahomastudents, t eachers, families, public employees, non-pr ofitorganizations and privat e sector businesses.


18/45


Impact of Cuts Agencies have reduced staffing, eliminat ed or cut back pr ograms,closed off ices and faciliti es, cut rat es to private contr actors, andraised user fees. Some examples:

About 1,600 few er t eaching posit ions thi s school year t han

last , w hile t he number of student s has increased by nearly6,000. Some dist rict s have turned down t hermostats andrequired teachers to do j anitorial w ork.

Depart ment of Educat ion elim inated bonuses for NationalBoard Cert if ied Teachers, research-based teacher t rain ing

programs, evaluat ion contracts, and other pr ograms;


19/45


Impact of Cuts I n t he past t hree years, t he Healt h Depart ment has been cut by

20 percent , forcing layoff s for at least 300 emp loyees.

Health Department eliminated 17 child guidance centers servingpre-school children w it h developmental delays;

Department of Ment al Healt h and Substance Abuse Servicesreduced beds and closed centers for childr ens mental health andadult substance abuse, cut cont racts t o all providers;

Signif icant reductions in counseling progr ams for abused womenand children and prenatal education for low -income mot hers;

Off ice of Juvenile Affairs cancelled yout h det ention and gangprevention programs.


20/45


Unmet Needs Oklahoma is ranked 49 th in overall healt h of it s residents, ahead

of only Mississippi .

Sevent y percent of t hose needing t reatm ent f or serious ment alill ness and 77 percent of adult s in need of substance abuse

t reatm ent not r eceiving appropriat e care. For youth w ho needsubstance abuse t reatm ent, 80 percent not receiving care.

DHS w aiting list for servi ces for indi viduals w it h developmentaldisabilit ies at over 6,000 ; some on list as long as 10 years.

Oklahomans receiving Medicaid assistance are at an all-t im ehigh. At t he same t ime, Medicaid reimbursements have beenreduced, which means few er physicians are wi lling t o takeMedicaid pat ients.


21/45

T he Chal lenges We Fac e


22/45

The Challenges We Face

Budget Outlook: An Incomplete RecoveryTAX COLLECTIONS AT HISTORIC LOWS

In FY 10 tax co l lec t ions equa led 5 .5 percen t o f s t a tepersona l income, com pared to 7 .2 percen t in FY 01 .

Tax co l lec t ions have been fa i ling to keep pace s inc e FY06 due to :

La rges t t ax cu ts i n Ok lahoma h is to ry ; Economic down t u rn

Sources: State personal income from Bureau of Economic Analysis; Taxcollections from Annual Executive Budget

5.0%

6.0%

7.0%

8.0%

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

1

9

8

2

1

9

8

3

1

9

8

4

1

9

8

5

1

9

8

6

1

9

8

7

1

9

8

8

1

9

8

9

1

9

9

0

1

9

9

1

1

9

9

2

1

9

9

3

1

9

9

4

1

9

9

5

1

9

9

6

1

9

9

7

1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

Oklahom a State Tax es, Tota l and as Share of Personal Income, FY '82 -

FY '10

St at e Ta x Col le ct ion s Ta x Co lle ct io ns as % of St at e Pers on al Inc om e


23/45


Budget Outlook: An Incomplete RecoveryTax Cuts Had a Long-Term Impact

Tax cuts w ere large, permanent , and back-loaded;

Tax cuts w ere st ret ched out over several years; fullimpact w il l not be felt unt i l FY 13;

Major cuts w ere almost all to t he personal incometax.

Lost Revenues fr om Select Tax Cut s Enacted 2004 - 2006

FY'05 t hrough FY'10 ( in $ m illions)

$18.7$144.8

$333.3

$561.8$651.1

$776.9

$0.0

$200.0

$400.0

$600.0

$800.0

FY'05 FY'06 FY'07 FY'08 FY'09 FY'10source: Oklahoma Tax Commission


24/45

The Chal lenges We Fac e

Budget Outlook: An Incomplete Recovery State appropr iated spending has reached it s low estlevel in at least 30 years and w ill fall even furt her inFY 12

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

1

9

8

0

1

9

8

1

1

9

8

2

1

9

8

3

1

9

8

4

1

9

8

5

1

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8

6

1

9

8

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1

9

8

8

1

9

8

9

1

9

9

0

1

9

9

1

1

9

9

2

1

9

9

3

1

9

9

4

1

9

9

5

1

9

9

6

1

9

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1

9

9

8

1

9

9

9

2

0

0

0

2

0

0

1

2

0

0

2

2

0

0

3

2

0

0

4

2

0

0

5

2

0

0

6

2

0

0

7

2

0

0

8

2

0

0

9

2

0

1

0

2

0

1

1

Appropr iated Budget as % of State Personal Incom e,

Oklah om a, FY '80 - FY '11

Sources: State personal income from Bureau of Economic Analysis;Appropriations from various sources


25/45


Budget Outlook: An Incomplete RecoveryFederal Deficit Reduction Wil l Compound State Problems

Budget Control Act established caps on discretionaryspending though 2021 to reduce federal deficits by $917B;

Failure of Super Committee to agree on deficit reduction

measures triggers automatic procedures to reduce spendingby $1.2 trillion;

Exempts Medicaid, mandatory programs.

Half the cuts would be from defense budget.

Discretionary programs facing 9 percent cuts. Includes all education and worker training funding

streams, many social service and health grants,agriculture, environment, others.

Effective January 2013.


26/45


Budget Outlook: An Incomplete RecoverySubstant ia l demands on scarc e resources

Short -Ter m In a ho le

Partl y restore cut s of past t hree years and pay for ongoingoperating cost s of state government .

St rengt hen our child w elfare system in accordance w it h sett lementagreement

Thousands wi th developmental disabilities and ment al il lness on thew aiting list for services.

Long-Term St ruc t ura l def ic i t

Hazardous physical infr ast ructure roads, bridges, state buildings;

Water inf rastruct ure needs - $80 billion over next 50 years;

Aging population w ill r equire increased health care, social servicespending;

Unfunded pension liabilit ies st ill exceed $10 billion.


27/45


Budget Outlook: An Incomplete Recovery Tw enty-t w o consecutive m onths of revenue growt h

compared to t he same mont h prior year

-8%

-22%-19%

-21%

-28%-30%

-26%

-32%

-30%

-24%

-31%-29%

-17%

-7%

1.6%

0%

6%

2%

10%

5%6%

3%

9%

13%

20%

12%9%

13%10%

16%

5%

18%

15%

6%

23%

19%

7%

15%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12

Change in Monthly General Revenue Collections,

Compared to Same Month Prior Year, Jan '09 - Feb '12


28/45


Budget Outlook: An Incomplete Recovery FY 12 revenue collections thr ough February up 23.9 percent

fr om FY 10 but st ill 8.0 percent below FY 09;

Revenues are stil l below nom inal levels of 6 years ago.

$3,002.2$2,863.9

$2,662.4

$3,003.8$3,192.2

$3,538.5$3,714.5 $3,685.1

$3,811.7

$2,830.3$3,102.2

$3,506.5

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

FY '01 FY '02 FY '03 FY '04 FY '05 FY '06 FY '07 FY '08 FY '09 FY '10 FY '11 FY '12

July - February General Revenue Collections,

FY '01 - FY '12 (in $Millions)


29/45


A Critical Juncture(Oklahoma is) reeling from the effects of year after year of

state budget cuts The state has fewer employees.

Classrooms are more crowded.

- The Oklahoman, December 21, 2011

You have to be sure you're right before cutting tax rates or

shrinking the tax base. The Legislature and the governor

cannot say in following years, Oops, we made a mistake.

- Larkin Werner, OSU Regents Professor of Economics, Nov. 2011


30/45


A Critical Juncture Proj ect ions of a Flat Budget in FY 13

Cont inued revenue grow th largely or fully of fset by lossof one-t ime revenues and incurred obligations

Governor s FY 13 budget : increase of $26 mill ion in

total appropriations*

No addit ional funds for comm on education, highereducat ion, Medicaid, hum an services, healthdepartment , veterans facilit ies, etc.

Modest funding increases for a number of t argeted

priorit ies

No funding t o cover increased cost s and caseloads

$111 m illion set aside for tax cut s

* After FY 12 supplementals


31/45


A Critical Juncture Various tax cut proposals under consideration

All w ould lower the t op income tax rate, at least part lyoffset lost revenue by eliminating various income taxcredits, deductions and exempt ions

Plan dif fer as to:

Fiscal impact ( revenue-neut ral vs. revenuereduction)

Which t ax preferences are elim inat ed

Reduct ion or elimination of income tax

See OK Policys Sum mary and Compar ison at :htt p:/ / okpolicy.org/ f i les/ TaxPlanComparison.pdf


32/45


A Critical JunctureTax Plan # 1: Tax Reform Task Force (SB 1623)

Legislat ive Tax Reform Task Force recomm ended:

Low ering the top income t ax rate from 5.25 t o 4.75percent;

Fully of fset lost revenue by elim inating t he personalexempt ion, sales tax relief credit, child t ax credit, earnedincome tax credit and economic development incent ives

Tax increase for most Oklahomans and shift more oftax load to middle-income and low- income households

SB 1623 rest ores personal exempt ion f or t hose under

$30,000/ $60,000 yr. income;

Furt her cuts in the top income tax rate in fut ure years asrevenues r ise;

Long-t erm goal of making Oklahoma a no income taxstate.


33/45


A Critical JunctureTax Plan # 2: OCPA/ Laffer Plan ( HB 3038/ SB 1571)

I mm ediately lowers top income tax rate from 5.25 t o 4.75percent

Top rate autom atically reduced each year unt il t otal elim ination

(2022)

Elim inat es ALL deduct ions, exempt ions and credit s, including:

St andard deduct ion, personal exempt ion

Low-income credits

All business tax income tax credits

Floor substit ut es restores exempt ions for retir ement i ncome,Social Securit y benefit s, veterans income, m ilit ary pay

Fiscal im pact of $250 - $300M in FY 13; $775 - $835M FY 14,addit ional $300 m ill ion each successive year


34/45


A Critical JunctureTax Plan # 3: Governor s proposal ( HB 3061)

Governor s Oklahom a Tax Reduct ion and Simplif ication Plan:

No tax on those making < $15k (single)/ $30k (married); 2.25percent on t hose from $15 - $35k/ $30-$70k; 3.5 percent onthose earning > $35k/ $70K

Taxes ALL income at same rat e creates a t ax clif f

Elim inate it emized deductions, low -income credits, deduct ionsfor r etir ement and mi lit ary income, and almost all economicdevelopment credit s

Tax cut for most but increase for low - and moderate-incomefami lies w it h children and seniors.

Fiscal impact in fir st full year of $350 mill ion, creates > $225 mi ll ionbudget hol e for FY 14

Furt her cuts in the top income tax rat e in futu re years wheneverrevenues rise > 5 percent unt il income tax is complet ely elimi nated.


35/45


A Fiscally Responsible CoursePreserve the I ncome Tax

The essent ial cornerstone of a balanced t ax syst em

Single largest stat e revenue source:

$2.2 billion in FY 10 - 32.1 percent of t otal collect ions.

Personal

Income Tax,

$2,224.8

32.1%

Corporate

Income Tax,

$216.4

3.1%

Sales Tax,

$1,815.3

26.2%

Gross

Production Tax,

$732.2

10.6%

Motor Vehicle

Taxes,

$579.3

8.4%

Other,

$1,353.6

19.6%

Total State Tax Collections, FY '10


36/45



Largest funding source for stat e services;

Based on the share of agency appropri ations funded w it h incometax revenues, elim inati on of t he personal income tax w ould leaveus unable to pay for:

Salary and benef it s for 17 ,000 classroom teachers; AND

Health i nsurance coverage for 430,000 low -income children;AND

I ncarceration of 9,300 inm ates; AND

Tuit ion f or 19,000 Oklahomas Prom ise st udents; AND The ROADS transportation improvement plan; AND

A w ide range of services and program s across stategovernment.

See: What t he I ncome Tax Pays For

at htt p:/ / okpol icy.org/ tax-reform-information


37/45



Taxes are rarely decisive in business invest ment decisions.

For 24 years, Ive been conducting interviews withexecutives of companies that we tried to recruit to Ardmorethat ended up locating elsewhere. Not once in all thoseyears did a company that rejected Ardmore base itsdecisions on taxes.

Ardmore Chamber of Commerce President Wes Stucky,Oct. 2011

"I will tell you that state income tax had absolutely noimpact in terms of the decision of merging the company and

where the corporate headquarters is located.Phill ips Petr oleum CEO Jim Mulva, discussing t he companys mergerw it h Houston-based Conoco I nc. and decision to locate its newheadquarters in Houston, November 2001


38/45



I ncome tax cuts w il l not m ake Oklahoma more competit ive

If our ability to educate and train employees for a 21stcentury economy is damaged through lack of funding, if we

cant maintain our roads and bridges, strong health caresystem, robust research and technology infrastructure, safestreets, etc., then the benefits of a reduction in the incometax rates may be limited.

Tulsa Metr o Chamber Vice President &Former House Speaker Chr is Benge, Oct . 2011

I can't sit here and say having no income tax, having lowproperty tax, whatever, is going to make a big differenceWe have to have a state that's known for excellence.

Ardmore Chamber of Commerce Pres. Wes Stucky, Oct .2011


39/45



Oklahoma is already doing bet ter t han most stat es, includingthose w ithout an income tax

Third best job grow th, # 1 best manufacturing j ob grow th in2011


40/45



Cut t ing t he income tax w ill create great pressure t o raise salestaxes or property taxes

Oklahomas combined stat e and local average sales taxrat e 8.66 percent i s already 5 t h highest in t he nation

(Tax Foundation) ;

Untaxed I nt ernet sales already cost Oklahoma $185 t o$225 m illion annually ( OK Tax Comm ission) ;

Texas has a higher stat e sales tax rat e (6.25 percent) t handoes Oklahoma (4.5 percent ) and assesses the sales tax on

83 categor ies of serv ices, compared t o 32 in Oklahoma; Every st ate w it hout an income t ax has higher per capit a

sales t ax t han Oklahoma;

The average Texan pays three t imes as much in propert ytax as do Oklahomans.


41/45



The income tax is essent ial t o tax fairness:

Low and middle-income Oklahomans pay more of t heirincome in state & local t axes t han do w ealt hy households;

I ncome tax part ly off sets the regressivit y of sales andpropert y t axes;

Broad-based tax preferences help low-income seniors andfamilies w ith children


42/45


A Fiscally Responsible CourseHow do w e create a revenue st ructure t hat w il l allowus to meet our obligat ions?

Review and reduce tax credit programs;

Adopt combined corporat e report ing;

Limit it emized income tax deduct ions; Modern ize t he sales tax;

Expand sales tax base to some addit ional serv ices;

Pursue collect ion of onl ine sales through click-through/ aff i l iate programs;

Target any t ax relief t ow ards those in greatest need:

I ncrease the personal exempt ion;

St ret ch and index t ax brackets;

Expand t he grocery t ax credit or earned income t axcredit


43/45


A Fiscally Responsible Course Make smart er expendit ure decisions:

Consolidate duplicative agencies and str eamline serv ices;

Prior it ize prevent ion and surveillance;

Ensure adequate funding of publ ic pensions.

I mp rove our budget ing process:

Current services budget;

PAYGO requi rem ent s;

Multi-year forecasting.

Give cont rol f or making decisions about revenues and spendingback to our elected representat ives.


44/45

For More In for m at ion

Updated Budget Information:okpolicy.org/ current -budget -

information

Tax Policy Information:

htt p: / / okpol icy.org/ t ax-reform-information

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Documents

Oklahoma Fiscal Outlook - March 2012