In less than three months Oklahomans will pay less in income taxes, dropping from 5.25 to 5 percent.
While that's great for most people, it's not good for our state which is now bracing itself for budget cuts.
We've long heard the figures of Oklahoma's low cost of living, low unemployment rate. But according to State Treasurer Ken Miller, the outlook on our state's economy doesn't look good. He presented figures on Wednesday at the State Capitol, and said overall tax revenue collections are tumbling and predicts they'll get worse before they get better.
For the fifth straight month, collections were less than they were from the same month last year. The last time that happened was October, 2010.
Where does Miller point the blame? Declining oil and natural gas prices. With less production means the state has collected only half in taxes they received last year.
Meanwhile, Governor Fallin is taking that analysis seriously. We've learned she's already holding meetings with state agency directors and telling them to prepare for budget cuts.