As lawmakers return to the Capitol for the
2012 session, no issue is expected to receive as much attention as
plans to overhaul the state’s tax code and slash Oklahoma’s
individual income tax.
The tax issue has been a top priority for GOP legislative
leaders and Republican Governor Mary Fallin, who are anxious to
flex their political muscles. They maintain that cutting the income
tax will make the state more business friendly and attract more
companies to the Sooner State.
The implications are especially significant because the income
tax accounts for more than one-third of the revenue that lawmakers
spend each year.
Fallin will release details of her plan on Monday, when she
presents her executive budget and delivers her State of the State
address to lawmakers.