Okla. Senate OKs Fallin's income tax cut plan

By: From Wire Reports
By: From Wire Reports

OKLAHOMA CITY (AP) - Gov. Mary Fallin's plan to slash and phase out the state's income tax has passed the Senate, even though there is still no agreement on how much of a cut may be possible this year.

The Senate voted 30-16 on Wednesday for Fallin's bill that would cut the top personal income tax rate from 5.25 percent to 3.5 percent and then further reduce the rate by one-quarter of 1 percent each year that state revenue grows by 5 percent or more. Fallin's plan also gets rid of numerous personal and corporate tax exemptions to help offset the lost revenue.

But Republican legislative leaders say they're still negotiating several tax cut plans and have acknowledged it's unlikely that a cut of more than 1 percent can be accomplished this year.

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 This material may not be published, broadcast, rewritten or redistributed.)

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  • by James Location: T-ville on Apr 28, 2012 at 08:33 PM
    Yea me too, a lot of people don't even know that Oklahoma's property tax is about one tenth of Texas property tax (depending on location). The state income tax on workers kept it that way and made home and land owner ship a reality for poor folk. If my house and property was just across the boarder in G-ville my property taxes would be ten times as much and I would have to pay monthly instalments just to keep it. I would have to pay rent on my own property which would cut my income and make it hard for me. Right now I have 5 acres and a home and pay less than 4 hundred a year. The same place in G-vill would be over 5 grand a year. If it goes that high here a lot of low income families will lose their homes.
  • by homeowner Location: durant on Apr 27, 2012 at 11:13 AM
    i just hope that our property taxes dont skyrocket like texas. but im sure they will. smoke and mirrors.
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