On February 21, 2026, the state of Oklahoma announced a series of new taxation measures aimed at increasing state revenue and addressing budget deficits. The measures, which were approved by the state legislature, include changes to income tax rates, sales tax exemptions, and property tax assessments.One of the key changes is the adjustment of income tax rates for individuals and corporations. The top income tax rate for individuals will increase from 5% to 6%, while the corporate tax rate will be raised from 6% to 7%. These changes are expected to generate an additional $500 million in revenue for the state annually.In addition to the changes in income tax rates, the state government has also eliminated several sales tax exemptions on various goods and services. This decision is projected to bring in an extra $100 million in revenue each year. Items such as luxury goods, electronics, and certain services will now be subject to sales tax in Oklahoma.Furthermore, the state has revised its property tax assessment process to ensure that properties are assessed at their current market value. This move is expected to result in higher property tax revenues for the state, as more properties will be reassessed at higher values.Governor Emily Johnson, who championed these taxation measures, stated that the changes were necessary to address the state's fiscal challenges and ensure that essential services remain adequately funded. "By making these adjustments to our tax system, we are taking a proactive approach to managing our budget and ensuring that Oklahoma remains financially stable in the years to come," said Governor Johnson.While some critics have raised concerns about the potential impact of these tax changes on low-income individuals and small businesses, supporters argue that the measures are necessary to ensure that the state can continue to provide essential services and invest in infrastructure and education.Overall, the new taxation measures introduced by Oklahoma represent a significant effort to bolster state revenue and address budget deficits. The changes are expected to take effect starting in the next fiscal year, and state officials will closely monitor their impact on the state's finances.