(MENAFN) The Oklahoma Tax Commission analysis showed that under a Republican-backed income tax plan, in 2013, 54 percent of the state's taxpayers will get a tax reduction, reported AP.
The analysis indicated that under the proposal, tax liability will remain the same for another 21 percent of taxpayers; however, it will be raised for 25 percent of taxpayers.
On the other hand, the Office of State Finance noted that in the coming fiscal year that starts July 1, the tax proposal will cost Oklahoma USD32.7 million, whereas it will cost the state USD102 million in fiscal 2014.
It is worth noting that Republicans announced a plan to reduce the state's top income tax rate to 4.8 percent next year from 5.25 percent at the current time.
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