The GOP gubernatorial hopeful, who says she would eventually like to get rid of the state's income tax, would like to see the mechanism that would reduce the tax rate to 5.25 percent if state revenues increase 4 percent.
NewsOK
BY MICHAEL MCNUTT
Published: August 19, 2010
Republican gubernatorial candidate Mary Fallin, who says she would like ultimately to get rid of the state's income taxes, said Wednesday she supports keeping in place a mechanism next year that could reduce the income tax to 5.25 percent.
Fallin said she has no immediate alternative revenue source in mind if the state's income taxes were eliminated. Personal and corporate income taxes are estimated this fiscal year to generate about $1.87 billion, or nearly 40 percent of the money coming into the state's general fund, the principal funding source for state government.
Fallin, a U.S. representative from Oklahoma City who passed up seeking re-election to run for governor, said she would appoint a task force to study the state's tax structure to look at ways to lower taxes but yet produce enough revenue to fund essential services, such as education, public safety, roads and health care... FULL ARTICLE
Posted on
Thu, August 19, 2010
by Crystal Drwenski