The president’s federal tax-overhaul plan, announced Wednesday, lacks detail on many critical points. But we do know that it cuts top income-tax rates by 12 percent on Americans earning more than $418,000, slashes corporate taxes from 35 percent to 20 percent, and eliminates the estate tax. Estimates on how much it will increase the deficit go as high as $2 trillion.
It is touted as a plan to fuel enough economic growth to pay for the cuts. Ohio’s experience suggests it won’t work.
A fair share tax could help balance Ohio’s tax code