Tax Plan Unraveling

May 23, 2012

OKLAHOMA CITY (AP) — The Oklahoma House will not take up a proposal announced last week to slash Oklahoma's income tax and has instead come up with its own plan to cut taxes.

House leaders said Wednesday there was too much opposition among House Republicans to the proposal announced last week by the governor and Senate leaders that would cut income taxes by nearly one-half of 1 percent.

House Speaker Kris Steele says the House plan would cut taxes by one-quarter of 1 percent beginning in 2014 if certain revenue triggers are reached. Steele says Gov. Mary Fallin has "indicated she can live with this plan" — but he acknowledged there is no agreement with the Senate.

Senate leaders have said they oppose the idea of revenue triggers to cut taxes.