State Democrats announce ' Helping Oklahomans Prosper Economically' program
Friday, January 28th 2005, 6:06 am
By: News On 6
OKLAHOMA CITY (AP) -- State Senate Democrats announce a program to help working families that includes cutting income taxes.
"Helping Oklahomans Prosper Economically" would significantly increase the standard deduction allowed on individual income tax returns.
The standard deduction hasn't been increased in Oklahoma since 1971, creating a system that critics say discriminates against taxpayers who don't itemize taxes on their federal returns.
The "HOPE" package also would expand the state income tax exemption for retirees, cut capital gains taxes for business on Oklahoma property and increase incentives under the Quality Jobs program.
Durant state Senator Jay Paul Gumm said yesterday that details of the Democratic proposal are still being worked out, but a rough estimate is the plan could cost between $150-million and 300-million.
Senate Minority Leader Glenn Coffee called the Democratic plan too limited in scope.