GOP plan to cut taxes for 54 percent of Oklahomans

By: From Wire Reports
By: From Wire Reports

OKLAHOMA CITY (AP) - An analysis of a GOP plan to slash Oklahoma's income tax shows about 54 percent of Oklahomans would receive a tax cut next year for an average savings of $60.

The analysis by the Oklahoma Tax Commission released on Friday shows another 21 percent of Oklahomans would see no change in their tax liability. Nearly 25 percent of Oklahomans would have an increase in their tax liability under the plan.

Gov. Mary Fallin and legislative leaders announced an agreement on the plan Thursday to slash Oklahoma's top income tax rate from 5.25 percent to 4.8 percent next year. The proposal passed its first hurdle on Friday when it was signed out of a House conference committee.

The proposal is expected to be considered Monday by a Senate panel.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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