Gov. Fallin Has a ‘Bold’ Income Tax Reduction Plan
The plan will be unveiled at Monday’s State of the State address, which opens this year’s legislative session.
Fallin told reporters at an Associated Press-sponsored legislative forum that the revenue neutral plan would simplify the state’s tax code and bring tax cuts for most Oklahomans.
The governor said it was “a bold and history-making tax plan” that would gradually reduce the state’s personal income tax and reduce the number of income tax brackets to three from seven, The Oklahoman reports.
Reducing tax credits — details of which she said would come Monday — would partially offset the lost revenue. Remaining revenues also would come from “growth in state revenue” and savings from making state government “more efficient,” the paper’s Michael McNutt reports.