By Michael McNutt
Published: March 27, 2012
It likely will take longer than 10 years to eliminate the state's personal income tax, the author of one of two measures proposing to dispose of the tax said Monday.
Economic triggers will be added to two bills that call for reducing the top personal income tax rate next year and gradually phasing out the tax by 2022, said Rep. Leslie Osborn, House author of Senate Bill 1571. The triggers would require the state's economy to increase by a certain percentage for additional cuts to take place in the tax.
“We are absolutely building in triggers,” she said.
Osborn, R-Mustang, said she was working on developing the triggers' percentage rate. The higher the percentage, the longer it will likely take for the personal income tax to be eliminated... FULL ARTICLE
Tue, March 27, 2012
by John Cox