Oklahoma Senate passes revised income tax cut bill
OKLAHOMA CITY (AP) — Another bill to slash the state's personal income tax has moved through the state Senate over the objections of Democrats who say critical state needs will take a hit.
The Senate voted 31-15 on Tuesday for a measure that trims the top rate from the current level of 5.25 percent to 4.95 percent beginning in 2013. The bill also contains triggers to further reduce the income tax every year by one-quarter of 1 percent if certain revenue growth triggers are met.
Initially, the bill slashed the top rate immediately to 2.25 percent and gradually eliminated the income tax, but Republican leaders have acknowledged such a deep cut is unrealistic.
Democrats say reducing the income tax will threaten funding for education, health care, public safety and transportation.