Oklahoma State revenues in April surged to a record high propelled by income tax payments and that points toward a growing upward trend.

State Treasurer Randy McDaniel cautioned that this apparent windfall may not last.

In April, most categories of state revenues rose except medical marijuana taxes, which generated $62.6 million, down by $2.2 million, or 3.4 percent. Motor vehicle also taxes produced $72 million, down by $6.4 million, or 8.2 percent.

But the state brought in $2.04 billion – an all-time high. That’s up 37% from a year ago and marks the first time collections for any month have topped $2 billion. The previous record was $1.58 billion in April 2019.

In April, combined individual and corporate income tax payments were $1.1 billion. April income tax receipts are typically higher than other months due to the annual filing deadline. Twelve-month receipts of $16.42 billion, also a new record, are up by more than 20 percent compared to the prior period. For the first time ever, corporate income tax payments were over $1 billion during the 12 months.

Revenues are up partly due to inflation and the high price of a barrel of oil due to Biden’s war on oil and gas.

This is a false picture of prosperity because even though state revenues are hitting record highs, everything costs more and wages are not keeping pace.

Please vote for fiscal conservatives in this year.