News and Notes September 3, 2013
Here are today’s top budget related headlines…
Note: Here are the average amount of tax increase or savings that people will have from different income levels. Read the full report by Policy Matters Ohio Here:
Less than $18K (bottom 20%) Pay $9.00 more a year $18-33K (Next 20%) -$5 $33-51K (Middle 20%) -$9 $51-78K (Fourth 20%) -$34 $78-143K (Next 15%) -$176 $143-$335K (Next 4%) -$983 $335K + (Top 1% of Ohioans) -$6,083
This tax proposal shifts the tax responsibility in society away from the wealthy and onto the low and middle class. Throughout testimony on this tax cut, nobody presented any projections, hopes or research on how they expected these tax cuts to improve our economy. Many think that that the wealthiest pay a larger share towards taxes. In Ohio, and other states, low income families are already paying more of their income towards taxes than the wealthiest Ohioans.
The tax shift will do little to stimulate the economy, cuts taxes for the wealthiest Ohioans while increasing the tax responsibility on low income Ohioans, and fails to provide adequate resources for great public services that lead to stronger Communities.
(CHART: OHIO STATE AND LOCAL TAXES BY INCOME)
Note: We need to make sure that we have a strong working class to build our economy. Investments in great public services not only improve our schools, roads, and public safety–but also increase good middle class union jobs. Through investments in education, we can decrease class size and hire more teachers to help serve Ohio’s children. Seems like a win-win in our book!
Note: Too often, we dismiss and categorize recipients of public services. As Ohio continues to debate expansion of medicaid it is important to remember that these children need healthcare and they need their mothers to have healthcare, and public services provide it. Let’s continue to invest in great public services that lead to stronger communities.