A new state budget bill now being heard in the Ohio House Finance Committee would cut the state income tax by 6.3 percent, while expanding an existing tax break for business owners. The House budget bill, as it stands now, eliminates nearly all of the major tax increases Gov. Kasich
MillerCoors has a gripe about its taxes. Every year, the company saves $350,000 because, like other brewers, beer importers and wholesale dealers, it gets a 3 percent credit for paying its Ohio alcoholic beverage taxes about three weeks in advance of when they’re otherwise due. Yes, you read that right.
Next week, a new version of the two-year state budget will be introduced in the Ohio House of Representatives. One of the many items worth watching: What happens to a new, $350 million-a-year tax break for business owners proposed by Gov. Kasich. It would wipe out the state income tax
Governor Kasich’s plan for expanding a business tax break would drain needed revenue and do little to spur job creation.
Under a law passed in 2008, Ohio’s attorney general must monitor companies that receive loans, grants, or other financial assistance from the state for economic development. The attorney general is required to submit an annual report detailing how well the recipients of these awards are abiding by the conditions and
Bill to increase oversight of exemptions, deductions and credits is a good start
Ohio would benefit by investing in communities, work supports, public transit and other areas
Ohio should shore up revenue to support needed public services, not further cut income taxes
Tax cuts hit low- and middle-income earners hardest, deprive public services of needed revenue and don’t deliver job growth as promised.
Zach Schiller on Cleveland.com, Feb. 1, 2015: Ohio should increase income tax rates on the most affluent.
Tax cuts would average $11,906 a year for the top 1 percent, while bottom 60 percent, on average, would see increases.
Budget takes some steps in the right direction, but contains more ill-advised tax policies and revenue cuts for schools and local governments.
