Support SB 1086: Repeal the capital gains deduction
Oklahoma’s capital gain deduction allows income from the sale of Oklahoma real estate or stock in an Oklahoma-based firm to go fully untaxed. The capital gains tax break is costing Oklahoma hundreds of millions without paying off in economic growth. In addition, the capital gains tax break benefits a small number of households at the expense of most Oklahomans. In 2015-2016, the capital gains deduction cost more than $100 million going to less than 20,000 households, or barely 1 percent of all households filing tax returns in Oklahoma. More than 85 percent of the benefit is going to individuals with income of more than $200,000. Oklahoma’s capital gains tax break is shown to be a wasteful loophole and inefficient use of tax dollars. Lawmakers should repeal this tax break to ensure a broad-based tax system that works for all Oklahomans without unduly burdening or supporting any small group of people.
Please call the members of the Senate Finance Appropriations Subcommittee and ask them to vote YES to SB 1086! Your call is especially important if any of these members represent your district:
- Senator Roger Thompson (chair); (405) 521-5588; firstname.lastname@example.org
- Senator Josh Brecheen (vice-char); (405) 521-5586; email@example.com
- Senator Micheal Bergstrom; (405) 521-5561; firstname.lastname@example.org
- Senator Stephanie Bice; (405) 521-5592; email@example.com
- Senator J.J. Dossett; (405) 521-5566; firstname.lastname@example.org
- Senator Tom Dugger; (405) 521-5572; email@example.com
- Senator A.J. Griffin; (405) 521-5628; firstname.lastname@example.org
- Senator Lonnie Paxton; (405) 521-5537; email@example.com
- Senator John Sparks; (405) 521-5553; firstname.lastname@example.org
- Senator Gary Stanislawski; (405) 521-5624; email@example.com
- Senator Ervin Yen; (405) 521-5543; firstname.lastname@example.org
Oppose SB 1030: Don’t take health coverage from very low-income parents
Oklahoma already has one of the strictest standards for Medicaid enrollment in the country. Parents making as little as one-half of the federal poverty level are not eligible. SB 1030 would cut that threshold even lower, to just 20 percent of the federal poverty level. The monthly income limit for a single mother with one child would be just $275 per month. This new cutoff would be lower than every state in the U.S. except Texas and Alabama. If Oklahoma parents lose their SoonerCare, their kids are less likely to continue to get the healthcare they need, from asthma medications to flu shots. When children are sick and can’t get care, they’re less likely to be able to grow, learn, and develop to their full potential with consequences for years to come. In the long run, we know that a healthier state is a more productive, economically prosperous state. Taking away health care from struggling parents will only make our state’s economic future worse.
Please call the members of the Senate Health Appropriations Subcommittee and ask them to vote NO to SB 1030! Your call is especially important if any of these members represent your district!
- Senator Rob Standridge (chair); (405) 521-5535; email@example.com
- Senator Ervin Yen (vice chair); (405) 521-5543; firstname.lastname@example.org
- Senator Allison Ikley-Freeman; email@example.com
- Senator Greg McCortney; (405)521-5541; firstname.lastname@example.org
- Senator Lonnie Paxton; (405)521-5537; email@example.com;
- Senator Paul Scott; (405)524-5522; firstname.lastname@example.org
To learn more about the capital gains deduction and Oklahoma’s safety net programs such as Medicaid, explore our legislative priority fact sheets.