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GOP Comes Together to Cut Taxes

Filed by Michael Cross in Feature, Local News, News, Politics.
May 17, 2012
 

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An eleventh hour deal between Republican House and Senate leaders as well as the Governor results in a deal for personal income tax cuts.

The cuts could eventually total more than three-quarters of a percent.

The plan calls for a reduction from 5.25% to 4.8% mostly offset by removing 33 tax credits, deductions and exemptions on people making more than $35,000 a year.

Senate Appropriations Chair Clark Jolley says the offsets can guarantee no cuts to departments like education.

“I would be very surprised, very surprised if at the end of the day that could even enter into the realm of possibility. Teachers will not lose their jobs because we are giving tax relief to Oklahomans.”

But, Representative Joe Dorman one of the few Democrats who showed up at Thursday night’s press conference says he doesn’t believe that.

“There will be cuts to education. There are going to be cuts to teachers’ jobs. We’re going to see cuts across the board to every state agency. Some people want to see that. I think a lot of the persons that are very much on the right would like to see a downsize of government on all levels.”

The total impact on the budget will be $31 million the first year and $101 million the second year.

A drop to 4.5% will go into effect in 2015 if the state growth exceeds 5%.

Joint Income Tax Reduction Plan

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