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Oklahoma Gov. Fallin Wants To Cut Income Tax

KSCB News - February 7, 2012 8:18 am

Gov. Mary Fallin’s plan to cut Oklahoma’s
personal income tax rate will come at a cost to those who enjoy a
number of tax exemptions.
In her State of the State address Monday, the governor said the
state’s highest tax rate should be 3.5 percent, down from the
current 5.25 percent. While she didn’t offer highlights in her
speech, her budget office said Monday she wants to eliminate dozens
of tax exemptions, including many used by poor and working-class
Oklahomans.
Under the plan, couples earning $30,000 or less would pay no
income taxes beginning next January.
To make up for the roughly $1 billion in lost revenue, Fallin is
proposing to eliminate nearly 40 different tax credits, including
the child care and sales tax relief credits for low-income
Oklahomans.

 

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