On January 2, 2014, the Office of Management and Enterprise Services released the news that for the most recent fiscal year, state tax collections reached an all-time high.
The fact that state tax collections reached an all-time high in FY-2013 is particularly noteworthy considering that during the same time period, millions of Oklahomans experienced increased payroll taxes and federal income taxes, increased health insurance premiums due to Obamacare, new taxes and fees created by Obamacare, and depressed consumer demand. These record-high tax collections are also noteworthy given that energy prices were low and the state had to pay back an interest-free loan incurred from the private sector at a time when state spending was not reduced to reflect actual revenue during the recession.
Total taxes collected by the state in FY-2013 reached $7.86 billion, an all-time high. This is $2.1 billion more than the $5.73 billion collected in FY-2003.
Be sure to read future blog posts as we highlight the various tax sources that each set all-time highs.