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Gov. Fallin reveals new tax plan in State of the State

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OKLAHOMA CITY — Monday is the first day of the Oklahoma legislative session for 2012. The legislature will convene at noon followed by Gov. Mary Fallin giving her annual State of the State address.

LIVE STREAM: Watch State of the State Address live streaming here starting at 1 p.m.

Gov. Fallin will stand before Oklahoma lawmakers at 1 p.m. to give our state its annual report card.

The State of the State address has also been a traditional platform for the governor to lay out political plans for the coming year.

The governor is expected to focus on two big issues: jobs and the economy.

Mainly on ways to create more and better jobs in Oklahoma, improve business and make government more efficient.

She will also address education, energy efficiency to reduce government costs as well as unveiling a plan to repair our state’s structurally-deficient bridges.

Last week Gov. Fallin announced she will be using this speech as an opportunity to reveal her new tax plan.

She says it is one of the boldest tax reform plans in our state’s history.

Under her plan the Governor says most Oklahomans could expect to see a significant tax reduction beginning in January of 2013.

It’s a plan she says could eventually lead to an elimination of income tax altogether in Oklahoma.

She also wants to simplify the tax code by reducing the number of tax brackets in the state.

Gov. Fallin has been working on this proposal for five months now and says it would not require an increase in other taxes.

She’s hoping to make up for the loss in revenue by closing loopholes in the tax code; eliminating various tax credits and making government more efficient.

News Channel 4 will carry the speech live at 1 p.m.