OKLAHOMA CITY -- At a news conference in the Oklahoma state capitol today, the Americans for Prosperity Foundation and the Oklahoma Council of Public Affairs released a study showing that Oklahoma's recent budget mess could have been prevented if the state had a Taxpayers' Bill of Rights amendment.

The report, "A Taxpayers' Bill of Rights (TABOR) for Oklahoma," shows that the state would have amassed a $317 million budget stabilization fund and taxpayers would have received at least $581 million in tax relief since 1991 had the legislature enacted a Taxpayers' Bill of Rights amendment. The report was written by University of Colorado professor Dr. Barry Poulson, the nation's leading expert on the issue.

"A Taxpayers' Bill of Rights would help legislators be more disciplined in spending and avoid the temptation of making expensive long-term spending commitments during boom times, which will then help avoid budget shortfalls in slower times," said OCPA's Brandon Dutcher. "This common-sense approach is widely supported by the Oklahoma public." A recent Cole Hargrave Snodgrass & Associates poll showed 73 percent approve of a TABOR.

The study also found that the "fatal flaw" in Oklahoma's state budget is out-of-control spending, especially during times of strong economic growth, which is a problem that a Taxpayers' Bill of Rights would address. For example, the study shows how spending increased 89 percent over the past decade as tax revenue grew during the last major economic boom. However, when revenue dropped during the recession, there wasn't enough money coming into the state treasury to support the higher levels of spending.

"This study says what most working families already know: that we can't spend recklessly during good economic times without saving for and investing in the future," said Ed Frank of the Americans for Prosperity Foundation.

A Taxpayers' Bill of Rights is a state constitutional amendment that would limit the annual growth in government. Under a Taxpayers' Bill of Rights, state expenditures could not grow faster than the rate of annual population growth plus inflation. Surplus revenue received above this amount would accrue in a Rainy Day fund and a portion would be returned to taxpayers. Tax increases or spending above the amount of the Taxpayers' Bill of Rights limit would require voter approval.

"The State Chamber believes that we should satisfy the basic needs of state government, then return excess revenues to those who paid them," said Ronn Cupp, the State Chamber's senior vice president for government affairs.

Click here to download the study.

Dr. Barry Poulson is a distinguished scholar with Americans for Prosperity Foundation.