The budget is out…
“Without new revenue, we wont be able to make the investments needed to build up a strong economy in Ohio that works for everyone. We know that investing in the fundamentals – reliable infrastructure, strong schools, and healthy communities – are the building blocks for a strong Ohio. Governor DeWine seems to recognize the need for investment, but without new revenue, we will continue to fall behind other states and not be able to solve Ohio’s most pressing concerns.
For the first time in many years, the Governor’s budget proposal does not include massive tax cuts for the wealthy and tax shifting. For more than a decade Ohioans have been living the tax cut experiment – the results are clear $6 billion less revenue each year for our schools, roads, and communities, the poorest Ohioans are paying more, the wealthiest Ohioans are paying on average $40,000 a year less.
We need to take pragmatic steps to raise revenue and get Ohio back on track. We would encourage the legislature to increase the gas tax to fill the billion dollar pothole in our state’s transportation budget. Likewise, the legislature should appropriate resources to properly review tax expenditures through the tax expenditure review committee and root out the loopholes are giveaways to special interests. The LLC loophole is a notable tax loophole which is estimated to cost Ohioans over $1.3 BILLION over the next two years benefiting many lawyers, lobbyists, consultants, and out of state passive investors.
The Ohio legislature should also make our tax system more equitable while reducing poverty by expanding and making refundable Ohio’s earned income tax credit.
We can solve big problems in Ohio, but we need the resources to do it. Ohio needs a tax system that is equitable, doesn’t pick winners and losers, and generates enough revenue to invest in Ohio’s future. Without putting revenue on the table, Governor DeWine’s first budget proposal will be unable to make the needed investments that Ohioans and our children need the most.