Home World News Legislature’s appropriations chairmen leery of tax cuts | Govt-and-politics

Legislature’s appropriations chairmen leery of tax cuts | Govt-and-politics

2

Tax cuts may be in the air, but they they are not in favor with the Oklahoma Legislatureā€™s top budget writers.

Speaking Friday to a Tulsa Regional Chamber breakfast, House Appropriations and Budget Committee Chairman Kevin Wallace, R-Wellston, and Senate Appropriations Committee Chairman Roger Thompson, R-Okemah, said they do not favor further tax reductions at this time, but they acknowledged a certain amount of pressure to do just that.

“Last year we cut the corporate (income) tax from 6 (%) to 4 (%),” said Thompson. “We cut (individual) income tax a quarter point. The corporate tax was about a $237 million cut to the overall budget. The quarter-point was a $102 million cut. Both of those are yet to be realized.

“So,Ā ā€¦ this ought to be the year we just hold even, that we hang on to what we have and we write a budget. Then if the economy continues as it has, this may be a conversation that works more in the future than it does now.”

Click here for full article…