NewsOK
BY MICHAEL MCNUTT mmcnutt@opubco.com
Published: December 31, 2011
A legislative task force called Friday for reducing the state's top personal income tax rate by a half-percent over the next two years and suggested the state make up the lost revenue by eliminating dozens of tax credits and tax breaks, including the personal exemption deductions taken by most Oklahoma taxpayers.
The Task Force on Comprehensive Task Reform's report states eliminating the credits and deductions will enable reductions in the top personal income tax rate from 5.25 percent — the rate it will be for the 2012 tax year — to 4.75 percent over a two-year period. It also calls for reducing corporate income taxes from 6 to 5 percent.
Eliminating all the credits and deductions would amount to $352.9 million. Most, or about $133 million, would come from eliminating the personal exemption deductions... FULL ARTICLE
Posted on
Sat, December 31, 2011
by John Cox