Wednesday, December 22, 2010

New Senator Proposes New Tax Cut

Senator David Holt (R-Oklahoma City) today introduced his first piece of legislation, Senate Bill 70, which would lower the state's income tax rate by one percentage point, at a pace of one-tenth of one percent each year for the next decade.

The tax cutting will begin the year after the currently pending cut from 5.5 to 5.25 percent is implemented. At the conclusion of Holt’s proposed cuts, the tax rate would be 4.25 percent.

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