Another income tax cut? WHY?
The Ohio House of Representatives passed their budget on Thursday (May 9th) after the Finance Committee approved it the night before. While this budget makes some worthwhile investments into important services it also included yet another income tax cut. This tax cut was inserted with no debate or dialogue.
This will be the 9th change to tax brackets since 2005. After so many tax bracket changes, one thing is clear –
Across the board tax cuts benefit the wealthy at the expense of the rest of the state!
Ohio loses $6 billion a year as a result of this continuous erosion of our state revenue system.
We are excited that the LLC loophole, netjets loophole, and others are considered for limitation or removal from our tax code. The savings from these, however, should be invested into our communities to hire teachers and librarians, strengthen community health, and address poverty in our communities.
Instead, we will give hundreds of millions of dollars to those who least need a hand out from our state government.
One Ohio Now will continue to engage the Ohio Senate for the next month before a conference committee will finalize details of the budget before June 30th.