Oklahoma lawmakers are considering a bill that would simplify the state’s income tax structure, potentially reducing rates for some residents while increasing taxes for others.
Senate Bill 304 would establish a flat 4.75% income tax rate and increase standard deductions to $13,550 for single filers and double that for married couples. Currently, the state uses a tiered system.
“The lower tax rate is really not the big deal,” said Paul Hood of Hood CPAs. “The big deal is doubling that standard deduction. A lot of people, that larger standard deduction would take it.”…