Oklahoma Senate panel votes to reverse income tax cut
by Rick Green, NewsOK.com
In a surprise move Tuesday, a Senate committee cleared a bill that would reverse a 0.25 cut in the state income tax rate.
Gov. Mary Fallin, Senate President Pro Tem Brian Bingman and House Speaker Jeff Hickman all want to keep the reduction in place even though the state is facing a $1.3 billion revenue shortfall.
Sen. Mike Mazzei, who wrote the bill, said this is the single biggest thing the Legislature can do to help close the budget hole.
“If we don’t move forward with some financial reforms like this, we literally will have to cut education by $400 million, according to my analysis, and teachers won’t see a pay raise for years,” said Mazzei, R-Tulsa.