By AP
Oklahoma City –
OKLAHOMA CITY (AP) Oklahoma Gov. Mary Fallin is laying out more details of her plan to cut the personal income tax for all Oklahomans and streamline the state's tax code.
In her State of the State address on Monday to kick off the 2012 legislative session, Fallin proposed deep cuts to the income tax that would take effect on Jan. 1, 2013. Her plan would cost the state hundreds of millions of dollars in revenue each year, and it's not clear exactly how Fallin would offset the lost revenue.
She says she plans to pay for the tax cut by eliminating "tax loopholes, carve-outs and other exceptions," but the governor's office has not released details on which exemptions would be eliminated.
Under Fallin's plan, those earning $30,000 or less would pay no taxes.