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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