Oklahoma Income Tax Cut Proposals Remain Alive
KSCB News - April 4, 2012 8:22 am
Sweeping proposals by the governor and
other GOP leaders to dramatically slash, and ultimately eliminate,
the state’s income tax remain on life support in the Oklahoma
Legislature as opposition mounts to getting rid of the various tax
exemptions and credits needed to pay for the proposals.
Gov. Mary Fallin has suggested cutting the top personal income
tax rate from its current level of 5.25 percent to 3.5 percent next
year, and a separate proposal endorsed by nearly one-third of House
members would cut the rate next year to 2.25 percent.
The Senate Finance Committee approved both of those bills on
Wednesday, but the governor’s proposal passed by only one vote, and
even top Republicans acknowledge those proposed cuts are too deep
to get passed this year.