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Legislative Panel Eyes Abolishing Okla. Income Tax (Sep 15, 2011)

OKLAHOMA CITY (AP) - Legislative leaders analyzing Oklahoma's tax code are looking at ways to phase out the personal income tax, while maintaining core state services.

The Task Force on Comprehensive Tax Reform met Thursday for its inaugural meeting and discussed ways to further reduce the state's income tax, which will drop next year to 5.25 percent. The co-chairmen of the panel, Sen. Mike Mazzei and Rep. David Dank, both say they support the elimination of the income tax.

But lawmakers realize they must offset some of that lost revenue, since the personal income tax accounts for about 35 percent of the state's general fund.

The president of the Oklahoma Council of Public Affairs, Michael Carnuccio, says much of the lost revenue will be made up for in increased economic activity.

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