Gov. Fallin Has a ‘Bold’ Income Tax Reduction Plan

  • Joe Wertz

Republicanconference / Flickr

Gov. Mary Fallin will release her income tax reduction plan and executive budget Monday during the State of the State Address.

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.