State Senate sends $480-million income tax cut to state House

Wednesday, March 15th 2006, 6:16 am

By: News On 6

OKLAHOMA CITY (AP) -- A $480-million tax cut gets the green light from the Oklahoma Senate, but not without warnings that the proposed cuts could come back to haunt the state during lean years.

The vote was 35-to-11 for the bill, although some senators who voted for the plan suggested the state couldn't afford it.

The bill would reduce the income tax rate paid by most Oklahomans from 6.25 percent to 4.49 percent.

State Senator Jim Wilson says the bill disproportionately benefits the state's wealthiest citizens, does nothing to help the poor and little to help more than half of Oklahomans who have household incomes of less than $36,000 a year.