OKLAHOMA CITY — A group of House and Senate Republicans have introduced a plan to deeply slash Oklahoma's top personal income tax rate over the next four years.
Bills filed this week in the House and Senate would slash the rate from 5.25 percent to 4.75 percent in January, with additional cuts of one quarter of 1 percent each year until the rate reaches 4 percent in 2018. Each quarter-percent cut costs the state about $125 million in revenue annually, but supporters say the cuts will ultimately lead to increased revenues.
The House and Senate authors did not include House Speaker T.W. Shannon or Senate President Pro Tem Brian Bingman, who are expected to author their own income tax cut bills.
The Oklahoma Supreme Court ruled last year's tax cut bill was unconstitutional.