Okla. Senate Unveils Tax Cut Plan

Senate leaders are unveiling a

revenue-neutral plan to slash the income tax by one-half of 1

percent over the next two years and pay for the cuts by eliminating

and modifying numerous tax breaks and exemptions.

Flanked by the entire GOP caucus, Senate President Pro Tem Brian

Bingman described the plan on Tuesday as "very responsible."

Bingman’s key negotiator on tax changes, Senator Mike Mazzei,

criticized a separate proposal by the House as one that would leave

a "gaping hole" in next year’s budget.

The Senate plan would reduce the top income tax rate from 5.25

percent to 5 percent, beginning next year. It would further reduce

the top rate to 4.75 percent in 2014.

The governor’s Secretary of Finance, Preston Doerflinger, says

tax cut negotiations are ongoing.