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Okla. House Panel Passes Fallin's Tax Plan (Feb 29, 2012)

OKLAHOMA CITY - Gov. Mary Fallin's plan to slash Oklahoma's personal income tax rate advanced out of committee Wednesday.

The bill is one of several income tax cutting measures that are being pushed this year by Republican lawmakers, who believe lowering the tax burden will make the state more attractive to business and industry.

Fallin's plan would consolidate the number of income tax brackets from seven to three and cut the top rate from 5.25 percent to 3.5 percent for individuals earning $35,000 or more, beginning Jan. 1.

Like the other income tax proposals, Fallin's calls for replacing the lost revenue by eliminating various tax credits and deductions.

The plan now moves to the House floor.

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