The General Assembly should increase income-tax rates on the most affluent Ohioans, starting with restoring the 7.5 percent rate on the top bracket of taxpayers. This would both provide funds to make some needed investments, and do so based on who is most able to pay. In addition, tax expenditures
The Kasich administration is making sweeping reductions in aid to local governments without the state taking more responsibility for vital services those governments perform. The elimination of the property tax rollback – part of the deal in establishing the income tax ??” will result in higher property taxes across income
Taxes, and the personal income tax in particular, are not the factor that determines state economic success.
The Ohio General Assembly’s recently approved budget adds eight new tax breaks while getting rid of only four, and overall increased tax expenditures by several hundred million dollars a year. Revenue from the closed or reduced exemptions that could have been used to bolster needed public services instead was used
Last-minute tweaks in the tax plan put forward by Ohio House and Senate Republicans do not significantly change its impact for different income groups. The plan still will reward Ohio’s most affluent with average annual tax cuts of more than $6,000 a year, while low-income Ohioans will pay slightly more.
The new tax plan proposed by House and Senate Republicans will reward Ohio’s most affluent with average annual tax cuts of more than $6,000 a year, while low- and moderate-income Ohioans will pay slightly more.
The Ohio General Assembly soon will approve a new two-year state budget. But so far, instead of closely reviewing the 129 tax exemptions, deductions and credits that reduce the amount of revenue the state would otherwise receive, it is adding to them. Download report (17 pp)Download summary (2 pp) Executive
This bill does not address the tax issues most important in Ohio right now: to ensure that the state has the revenue it needs for crucial investments in its future, to meet principles of simplicity, and to create a broad tax base.
Neither a personal income tax cut nor a business income tax exemption, both under consideration in the budget debate, will help Ohio’s economy. They are bad for low- and moderate-income Ohioans, and slash revenue Ohio needs to support our economic success and improve our quality of life.
A major effort to overhaul Ohio’s municipal income tax should reduce tax avoidance, guarantee a broad tax base, and ensure that those most able to pay are in fact doing so. Unfortunately, House Bill 5 does none of the above.
The state needs revenue to make essential investments in Ohio’s future. Those who are able to pay should contribute the most. Neither of these things is true now.
Thousands of unemployed Ohioans will feel the effects of federal sequestration budget cuts through a reduction in their weekly unemployment compensation checks. Unemployed Ohioans are expected to see $25 million less in benefits between now and the end of the federal fiscal year Sept. 30.
