Top earners in Oklahoma will pay less in taxes next year after officials decided on Tuesday that they had enough money in state coffers, the Tulsa World reported Wednesday
|Gov. Mary Fallin
The state’s Board of Equalization, which is led by Gov. Mary Fallin, determined there was enough revenue growth combined with other factors to trigger a reduction to 5.25 percent from 5.5 percent for the top income tax bracket.
“I think the best way to help stimulate our economy is to continue to make Oklahoma more business-friendly, and lowering our taxes in the state, I think, will make us a more competitive state moving forward,” Fallin said to the newspaper.
The drop in taxes comes despite an estimated budget shortfall for 2012 of about $500 million due to the loss of federal stimulus and other one-time monies. Fallin said she’s trying to adhere to want voters indicated they wanted in November.
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