Okla. leaders push forward with plans to cut taxes

Associated Press

OKLAHOMA CITY (AP) - Gov. Mary Fallin's plan to cut Oklahoma's income tax and overhaul the state's tax code is scheduled for a legislative hearing this week, but the governor's bill is only 1 of several proposals working through the legislative process.

At least four proposals are being considered by the Legislature that would reduce the state's top income tax rate by varying amounts and offset much of the lost revenue by eliminating various exemptions and deductions claimed by individuals and businesses.

With Republicans now in complete control of both chambers of the Legislature and the governor's office, the GOP is looking to follow through on years of campaign promises to reduce Oklahoma's tax burden and shrink the size of state government. Republicans contend slashing the income tax will make Oklahoma more competitive and provide a boost to the state's economy.

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