Tax Cut, Should It Go or Should It Stay?

OKLAHOMA CITY (AP) — Republican leaders in Oklahoma are reconsidering whether to keep an income tax cut that could be triggered as early as next year. Their decision comes at a time when the state has a budget hole of nearly $870 million. The trigger for the individual income tax rate cut from 5 percent to 4.85 percent is when collections increase by about $100 million annually. The average savings per return would be about $56, according to the Oklahoma Tax Commission, costing the state about $97.8 million in 2018.