By AP
Oklahoma City, OK – Panel recommends further slashing Okla. income tax
OKLAHOMA CITY (AP) A task force created by the Legislature to examine Oklahoma's tax code suggests reducing Oklahoma's top personal and corporate income tax rate by eliminating dozens of tax breaks, including some claimed by most Oklahoma families.
The Task Force on Comprehensive Tax Reform released its report Friday afternoon. It recommends further reducing Oklahoma's top marginal income tax rate from 5.25 percent to 4.75 percent over the next two years. The group also proposed reducing the state's corporate income tax rate from 6 percent to 5 percent.
The task force proposes to offset some of the revenue lost through those changes by eliminating dozens of tax breaks totaling nearly $353 million. Among those is the $1,000-per-person personal exemption claimed by approximately 1.5 million Oklahoma tax filers each year.