AP: Critics Say Oklahoma Financial Crisis Is Self-Inflicted - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

AP: Critics Say Oklahoma Financial Crisis Is Self-Inflicted

Posted: Updated:

Even as Oklahoma's economy was roaring thanks to an oil boom, state services like education felt the pinch because costly tax cuts and incentives ate up much of the surplus revenue.

When the inevitable bust followed, beginning last year, oil prices slid to the $40-per-barrel range, driving up unemployment and prompting energy sector layoffs.

Dwindling revenue collections coupled with the tax cuts and corporate breaks have punched a huge hole in the state's budget.

The latest cut to the top income tax rate is scheduled to take effect in January, just as the state is grappling with the growing budget hole. Gov. Mary Fallin has defended the income tax cut as a way to spur the state's economy, but critics argue the state's financial crisis is self-inflicted.

Live Radar

WARN Interactive


  • Business News

    Find news on Oklahoma's economy, local business, the banking industry and more.

  • Murrah Bombing Timeline

    Learn more about the events leading up to and following the bombing.

  • Your Vote Counts

    Hear both sides of Oklahoma politics with Your Vote Counts.

Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.