In an effort to increase state revenue and address budgetary concerns, Oklahoma officials have announced a new taxation plan set to go into effect starting in 2027. The plan, which was unveiled on Thursday, aims to modernize Oklahoma's tax system and ensure that all residents are paying their fair share.One of the key components of the new plan is a proposed increase in the state sales tax from 4.5% to 5%. This adjustment is expected to generate an additional $200 million in revenue annually, which will be allocated towards funding essential state programs and services. Additionally, the plan includes changes to income tax brackets, with adjustments made to ensure that higher-income earners contribute more to the state's coffers.State officials have emphasized that the goal of the taxation plan is not to burden residents with higher taxes, but rather to create a more equitable system that distributes the tax burden more fairly. By making these changes, Oklahoma hopes to address its ongoing budget deficits and create a more stable financial foundation for the future.Governor Sarah Johnson expressed her support for the new plan, stating that it is a necessary step towards ensuring the long-term financial health of the state. She emphasized that the revenues generated from the increased taxes will be used responsibly to fund crucial services such as education, healthcare, and infrastructure projects.Despite these efforts to boost state revenue, there has been some opposition to the new taxation plan. Critics argue that the increases will place an undue burden on lower-income residents and could hinder economic growth in the state. However, supporters of the plan believe that the benefits of a more stable financial system outweigh any potential drawbacks.Overall, the introduction of this new taxation plan represents a significant step forward for Oklahoma as it seeks to address its financial challenges and ensure that all residents contribute their fair share. The plan is set to be implemented starting in 2027, with state officials working to educate residents about the changes and their potential impact.