Oklahoma Gov. Mary Fallin says huge tax cut off for 2012
By SEAN MURPHY •
Published: April 30, 2012
/articleid/3671126/1/pictures/1702856"> Gov. Mary Fallin speaking at the Edmond Area Chamber of Commerce luncheon, April 3, 2012. Photo By David McDaniel
She said Monday she's still pushing for a reduction in the number of brackets and a trigger for future tax cuts.
“I'm encouraging the legislative leaders to still have a growth trigger in there so that we can continue to lower the income tax as our economy continues to grow,” she said.
Fallin's proposal would have offset much of the lost revenue by getting rid of dozens of tax credits for businesses and tax deductions claimed by individuals, like the personal deduction and taxes on retirement and military income. But getting rid of those deductions faced fierce resistance in the Legislature, especially from retirees and businesses that take advantage of those exemptions.