U.S. Rep. Mary Fallin, the Republican candidate for governor of Oklahoma, said last week that she favors an eventual elimination of the state corporate and personal income taxes.
Fallin said she was not ready to outline how the state could replace the $1.9 billion collected annually in individual and corporate income taxes. The taxes account for 40% of Oklahoma’s general fund revenues.
An economic development plan will be proposed soon, according to Fallin. She said it will focus on “creating jobs in our state, lowering the cost of doing business in Oklahoma, improving education, improving our work force.”
Fallin will face Democratic Lieut. Gov. Jari Askins in November. Gov. Brad Henry was prevented by term limits from seeking reelection.