Okla. Senate Passes Revised Income Tax Bill
KSCB News - April 18, 2012 8:11 am
Another bill to slash the state’s personal
income tax has moved through the state Senate over the objections
of Democrats who say critical state needs will take a hit.
The Senate voted 31-15 on Tuesday for a measure that trims the
top rate from the current level of 5.25 percent to 4.95 percent
beginning in 2013. The bill also contains triggers to further
reduce the income tax every year by one-quarter of 1 percent if
certain revenue growth triggers are met.
Initially, the bill slashed the top rate immediately to 2.25
percent and gradually eliminated the income tax, but Republican
leaders have acknowledged such a deep cut is unrealistic.
Democrats say reducing the income tax will threaten funding for
education, health care, public safety and transportation.