Oklahoma eliminates statewide grocery tax | Supermarket News
Get ready to dive into some exciting Oklahoma news about money, taxes, and groceries. In late February, Oklahoma Governor Kevin Stitt signed a bill eliminating the state’s 4.5% tax on grocery purchases in a big move. This decision received a resounding thumbs-up from almost everyone in the legislature.
Before this change, Oklahoma was one of only 13 states that taxed groceries. And guess what? Its tax rate was one of the highest in the country! Only Mississippi, Kansas, and Idaho had higher grocery tax rates than Oklahoma and South Dakota. Other states, like Tennessee, Alabama, Hawaii, Virginia, Utah, Arkansas, and Missouri, also tax groceries at lower rates. Illinois is even considering getting rid of its grocery tax in the future.
Governor Stitt mentioned that many Oklahoma residents, especially those in the southern part of the state, would cross over to Texas for grocery shopping to avoid these taxes. He’s been keen on scrapping this tax since 2019 to encourage people to shop locally, calling it “the largest single-year tax cut in Oklahoma history.”
The grocery tax was considered one of the most regressive in Oklahoma, disproportionately affecting lower-income families. With this tax cut, the average household in Oklahoma is expected to save about $700 a year. That’s a lot of extra cash for other important things!
Senate Pro Tem Greg Treat highlighted the significant savings Oklahomans will enjoy at the grocery store once this tax cut takes effect. Thanks to the collaborative efforts of the Senate and House, it’s a big win for the people of Oklahoma………..
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Rising Dough
In the context of Oklahoma’s decision to eliminate the grocery tax, how might this change impact the local economy and consumer behavior? Consider the potential effects on spending patterns, local businesses, and the overall financial well-being of residents.
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