News & Notes January 7, 2014
News: Two Classes of Seniors, Akron Beacon Journal Notes: Tax reform should embrace fairness. It is not fair to give a millionaire a tax break on their home property taxes just because he is 6 months older than his neighbor. The Homestead exemption is designed to help low and moderate income seniors remain in their homes during retirement without concern over rising property tax values. We need it to effectively target the low and moderate income populations and continue to be a give away of state resources.
News: Legislative Committee schedule includes hearing on new public works bonds, Plain Dealer Notes: Policymakers continue to trumpet public investments as a way to create jobs and improve the quality of life for Ohioans. However, many policymakers prefer debt financing of capital improvement projects over the general revenue supported daily public investments of teachers, police officers, and social workers. The Ohio legislature will likely place an issue before voters that will request an increase in the total amount of bonds the state can issue. Currently the state issues $150 million a year and they want to increase that amount to $175 million a year (for five years) and $200 million after that. While debt financing is important – especially for capital projects – we cannot forget that we also need a strong income tax to finance the workers and services that will be provided for once new buildings are completed.