In a move aimed at boosting state revenue and simplifying the tax system, Oklahoma Governor announced a comprehensive tax reform plan on Tuesday. The plan, which is set to be introduced in the state legislature, includes a number of measures to overhaul the current tax structure and create a more business-friendly environment in Oklahoma.One of the key components of the tax reform plan is a reduction in the state's corporate income tax rate. Under the proposal, the corporate income tax rate will be lowered from its current rate of 6.0% to 4.5% over the next three years. This reduction is intended to attract more businesses to Oklahoma and stimulate economic growth in the state.In addition to the corporate income tax rate cut, the tax reform plan also includes changes to the individual income tax system. The plan calls for a simplification of the tax brackets and a slight reduction in the top marginal tax rate. These changes are designed to provide relief for middle-class taxpayers while still generating revenue for the state.Furthermore, the tax reform plan includes measures to close tax loopholes and ensure that all businesses and individuals pay their fair share. This includes cracking down on tax evasion and increasing enforcement efforts to ensure compliance with tax laws.Governor expressed confidence that the tax reform plan will help drive economic growth in Oklahoma and create a more competitive business environment. "By lowering tax rates and simplifying the tax system, we are sending a clear signal to businesses that Oklahoma is open for business," Governor said in a statement.The tax reform plan is expected to face scrutiny in the state legislature, where lawmakers will debate the merits of the proposal. However, Governor remains optimistic that the plan will ultimately be approved and implemented, noting that the changes are necessary to ensure the long-term fiscal health of the state.Overall, the tax reform plan represents a significant step towards modernizing Oklahoma's tax system and positioning the state for future growth. With a focus on lowering rates, simplifying the system, and promoting compliance, the plan aims to create a more stable revenue stream for the state while also providing relief for taxpayers.