Tulsa World
By BARBARA HOBEROCK, World Capitol Bureau
Published: 2/23/2011 2:24 AM
Last Modified: 2/23/2011 5:58 AM
OKLAHOMA CITY - Oklahomans will see a drop in the state's top income tax bracket in the next tax year.
The Board of Equalization on Tuesday determined the state had enough revenue growth and that other factors had been met to trigger the reduction to 5.25 percent from 5.5 percent.
The drop in taxes was approved despite a state budget hole for fiscal year 2012 that is expected to be about $500 million due to the loss of one-time monies used to plug holes in the current budget. Those funds included federal stimulus dollars and money from the state's "rainy day" fund.
"I think the best way to help stimulate our economy is to continue to make Oklahoma more business-friendly and lowering our taxes in the state, I think, will make us a more competitive state moving forward," said Gov. Mary Fallin, who leads the Equalization Board.
Fallin said some at the Capitol want more spending in government, but voters in November indicated they wanted officials to make the state more efficient and to reduce spending... FULL ARTICLE
Posted on
Wed, February 23, 2011
by John Cox