Possible OK income tax cut

By: KXII Staff Email
By: KXII Staff Email

OK -- Oklahoma House leaders want to cut income taxes by a quarter of a percentage point.

House Speaker Lance Cargill says lost revenue from the cut could be made up by eliminating some special interest tax credits now on the books.

His goal is to reduce Oklahoma's overall income tax rate to below five percent in two years.

Governor Brad Henry had urged legislators to consider forgoing tax cuts because this year's budget will be tight.

But some lawmakers say they disagree with Cargill over whether the tax credit elimination amounts to a tax increase.

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  • by Sue Location: Myra, TX on Jan 17, 2008 at 06:56 AM
    I do not like having to pay the OK State Tax, on my husband's income. He works in TX, we live in TX. My income from an OK employer, I believe is fine, even though we do not have a say "vote" on where and what is done with those tax dollars. Their formula for non-resident tax purposes is in DIRE need of an overhaul. For the non-resident OK worker, their state tax is computed based on their federal adjusted gross income. If you are filing married, whether filing seperately and especially jointly to get the federal benefit, you are penalized for your household income! MY HOUSEHOLD IS NOT IN OKLAHOMA!!!!!
  • by jojo Location: cobb on Jan 17, 2008 at 05:23 AM
    Oklahoma State government is a mess. Our treasurer is a crony of the governor and bases his revenue estimates on the political needs of the governor. Scott Meacham badly underestimated revenue to help reduce tax cuts. His lottery income estimates are the accounting equivalent of the chamber of commerce estimating the number of a crowd at a community event. They threw money around like it was going out of style for a centennial celebration at least 85% of Oklahomans could not frankly care less about, but continue crying poverty when there's an ice storm, needs for prison space or cries to fix these pitiful roads. We need to let our representative know their priorities are out of whack.
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