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Okla. Lawmakers Eye Further Cuts to Income Tax (Oct 17, 2011)

OKLAHOMA CITY (AP) - When the Republican-controlled Oklahoma Legislature begins next year's session, state leaders say one of their top priorities will be overhauling the state's tax code with an eye toward further reducing the personal income tax.

A panel of state lawmakers and other top-level political leaders has spent much of the interim examining dozens of tax incentives that cost the state hundreds of millions of dollars each year. And many conservative policymakers, including the governor, hope that eliminating some of those tax breaks could free up revenue and lead to reduction in the state's income tax.

But some analysts suggest it could be disastrous to further reduce the state's individual income tax, which is the largest source of state revenue and makes up about one-third of all state tax collections.

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