Gov. Stitt, Sec. Mueller & Business Leaders Applaud 3rd Place Ranking for Economic Outlook
Governor Kevin Stitt, Secretary of Commerce and Workforce Development Scott Mueller and Oklahoma business leaders today applauded Oklahoma's new ranking as third in the nation in terms of economic outlook. The Rich States, Poor States ALEC-Laffer State Economic Competitiveness Index uses 15 state policy variables, such as top personal and corporate income tax rates, property tax burden and sales tax burden, to rate states' economic competitiveness. Oklahoma ranked No. 16 in economic outlook when voters elected Gov. Stitt in 2018 and has improved each year he has been in office.
“When Oklahomans elected me as their governor I made a promise to deliver Oklahoma’s turnaround and become a Top Ten state, and that’s exactly what we have done,” said Governor Stitt. “I am thrilled that our commitment to create a pro-business, pro-growth environment has earned Oklahoma a national third place ranking in economic outlook and am even more motivated to take us to number one.”
Yesterday, in a joint press conference with leaders from the Legislature, Governor Stitt unveiled the state’s budget agreement which includes tax cuts for all Oklahomans, including lowering the corporate tax rate from 6% to 4% and lowering the personal income tax rate from 5% to 4.75%. The agreement also deposits nearly $800 million in savings, replenishing the state savings account to back to its pre-pandemic level of $1 billion.
"We know that Oklahoma is a great place to do business. Being ranked as one of the top three states in the nation in economic outlook for 2021 highlights the potential here, and by moving up five spots over 2020, it's obvious we're trending in the right direction with our policies and initiatives to help businesses succeed." - Scott Mueller, Oklahoma Secretary of Commerce and Workforce Development
"Over the last few years, AFP-OK and our state partners have been dedicated to breaking up the barriers that prevent bottom-up solutions and providing economic security for families. This announcement is recognition that the work has paid off and that Oklahoma is a great place to start a business, raise a family and invest in local communities. We look forward to continuing to fight for policies that restore power to individuals and encourage free-market economic growth." - John Tidwell, Oklahoma State Director, Americans For Prosperity
“Oklahoma now has the 3rd best economic outlook in America. Oklahoma’s commitment to relatively low tax burdens for individuals and businesses, as well as worker freedom, is clearly paying dividends. Continuing to prioritize taxpayers in budget discussions the months and years ahead will be essential to keep Oklahoma competitive for job creation and economic growth.” – Jonathan Williams, Chief Economist, Executive Vice President of Policy at the American Legislative Exchange Council