Battle Heats Up Over Governor's Income Tax Reduction Proposal - - Oklahoma City, OK - News, Weather, Video and Sports |

Battle Heats Up Over Governor's Income Tax Reduction Proposal

Posted: Updated:
Governor Mary Fallin proposed income tax reductions in her State of the State address. Governor Mary Fallin proposed income tax reductions in her State of the State address.

The debate over the governor's plan to cut personal income tax is heating up.

The governor is proposing reducing the amount we all pay in state income tax and eventually doing away with it.

The governor first introduced her plan at the capitol during the State of the State address on Monday. She says by eliminating tax loopholes and making government more efficient, the state can put more money in all of our pockets.

In the game of life, the saying goes, the only sure things are death and taxes. The Springers certainly understand that. Hillary does the taxes for the family of four.

"Who likes paying taxes? Nobody does," she said.

Fallin is proposing to consolidate the number of tax brackets from seven to just three for both single and married people. Those in the lowest tax bracket wouldn't have to pay any state income tax. In the Springers' case, the middle bracket, their rate would be reduced from 5.25 to 2.25 percent.

"The average Oklahoman, it's probably going to save them like 3 percent give or take," said CPA Joshua Jenson. "It would definitely be like getting a 2 percent raise. I would say for the lower income it could be like a 3.5 to 4 percent raise because there's a much higher threshold where they don't have to pay any tax."

It's move on the governor's part that Hillary says, for her family, could be a game changer.

"That would be amazing. We wouldn't have to live paycheck to paycheck every time. That would be nice," she said.

Of course, in the tax code nothing is that simple. The governor's budget released today suggests cutting some tax credits, and for those who take advantage, the reduction wouldn't be as significant. Jenson says some people may even see a tax increase.

Those opposed to the governor's plan say the math doesn't add up and would not be revenue-neutral as Governor Fallin suggests.

To see how your taxes might change, read Governor Fallin's Tax Reduction Proposal.


Special Features

iPhone App

Get breaking news, weather, sports & video directly on your iPhone.


Breaking political news & the latest headlines from the state capitol & D.C.


See where weather is happening using our live interactive radars.


Spend your money wisely with reviews of new tech gadgets & the latest news in technology.

TV Schedule

Need to know what's on TV? Check out our television schedule.

Live Radar

WARN Interactive
Powered by Frankly
News 9
7401 N. Kelley Ave.
Oklahoma City, OK 73111 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KWTV. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.