We (FINALLY) have a budget
The budget (HB 166) contains the 9th irresponsible income tax cut in 14 years and fails to provide solutions to Ohio’s most pressing needs.
With college costs climbing, an addiction crisis raging, and persistent poverty plaguing Ohio’s communities, our legislature failed to invest adequately for Ohio’s future. The 4% income tax cut will cost Ohio hundreds of millions of dollars a year on top of the billions of dollars of revenue already lost from the last 8 income tax rate reductions.
The new investments in this budget – such as wrap around services for students and children services – are positive steps that we should celebrate, but fall very short of restoring years of budget cuts and underinvestment.
Instead of another tax cut, Ohio’s legislature should have invested money into great public services that strengthen our communities. These types of investments would create opportunities now and economic stability for the future. This income tax cut is setting Ohio up to be in difficult situation in two years, when budget cuts will be made in light of a likely recession.
Ohio’s legislature missed an opportunity to close some of the $9 billion in tax loopholes that riddle our revenue system. The House proposed many loopholes for reduction or elimination in a step toward common sense public policy that were rejected by the Senate.
It is time for Ohio to solve big problems – fix school funding, make higher education affordable, and dramatically reduce poverty. We need long-term investments to accomplish these things, and this budget continues to slowly erode our revenue system that is needed to solve these problems.