Local & Regional
Thu March 1, 2012
Tax Cut Measure Moves Forward
OKLAHOMA CITY (AP) — Gov. Mary Fallin's plan to cut the personal income tax rate for more than 60 percent of Oklahomans has cleared its first legislative hurdle.
Republican House Speaker Kris Steele introduced the 100-page bill late Wednesday in the House Appropriations Committee, which passed the measure on an 11-6 vote, mostly along party lines.
Democrats who opposed the measure voiced concerns it would force many seniors to pay more in taxes because it eliminates deductions for things like military retirement, social security benefits and other retirement income. House Democratic leader Rep. Scott Inman described the vote as a "dark day in Oklahoma."
Fallin and other GOP lawmakers believe lowering the tax burden will make the state more attractive to business and industry and spur economic growth.