Governor: Huge Tax Cut is Off
OKLAHOMA CITY (AP) — Oklahoma Gov. Mary Fallin is acknowledging that a steep reduction that she proposed for the state's top personal income tax rate will not happen this year.
Fallin told The Associated Press on Monday that legislative leaders aren't willing to make a "huge, significant cut in the income tax."
The governor wants to reduce Oklahoma's top rate from 5.25 percent to 3.5 percent and reduce the number of income tax brackets from seven to three. But she said Monday legislative leaders are talking about dropping the rate to just under 5 percent beginning for the 2013 tax year.
She said negotiations among her office and leaders in the GOP-controlled Legislature are continuing.