Proposed Bill Could Impact Income Taxes

<p>Several tax increases are up for discussion at the Capitol as state lawmakers try to come up with a way to fix the budget and give teachers raises. </p>

Sunday, February 11th 2018, 8:57 pm

By: News On 6

Several tax increases are up for discussion at the Capitol as state lawmakers try to come up with a way to fix the budget and give teachers raises.

But another proposal could impact your income taxes.

The bill would cap itemized deductions and reduce standard deductions.

An accountant told News On Six that Oklahomans who make less than $50,000 will likely pay the same or less.

“But as their incomes get a little higher, closer to $100,000 I anticipate they'll end up paying more taxes in 2018," said David Greenwell, Lead Tax Partner with RSM.

This proposal is part of the Step up Oklahoma plan.