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Okla. Rep. Drafting Bill to Eliminate Income Tax (Dec 08, 2011)

OKLAHOMA CITY (AP) - A state lawmaker is drafting a bill to eliminate the state's personal income tax over the next decade.

Owasso Republican Rep. David Derby said Thursday he will not propose any offsetting tax increases to pay for the lost revenue. The state's income tax currently provides about one-third of the revenue that lawmakers appropriate for state functions like roads and bridges, public schools and public safety. Oklahoma's top income tax rate is scheduled to drop to 5.25 percent during the 2012 tax year.

Derby claims eliminating the state's income tax will result in increased economic activity that will broaden the overall tax base and generate increased tax collections in other categories.

Gov. Mary Fallin and GOP leaders in the House and Senate have endorsed a gradual reduction of the income tax.


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