Proposed Legislation Would Immediately End Death Tax, Lower Income Tax

OKLAHOMA CITY (AP) -- Legislation that would immediately abolish the estate tax and lower the income tax has been filed by a legislative newcomer. <br/><br/>Lawmakers last year passed legislation that

Friday, January 12th 2007, 5:50 am

By: News On 6

OKLAHOMA CITY (AP) -- Legislation that would immediately abolish the estate tax and lower the income tax has been filed by a legislative newcomer.

Lawmakers last year passed legislation that would gradually remove the death tax over a period of years. But state Representative Randy McDaniel of Oklahoma City says Oklahomans shouldn't have to wait.

The Oklahoma City Republican says abolishing the estate tax will help Oklahomans who have lost a family member and help Oklahoma attract new people and industries to the state. Another part of McDaniel's bill would lower the state income tax from 5.65 percent to 5 percent immediately instead of over time.

McDaniel says lowering the income tax rate is a great incentive for people to live and do business in Oklahoma.